Bendig, Da id; Cha le , Maximilian
A icle — Published Ve sion
Oppo uni ies and challenges o blockchain o mul i-sided
pla o ms
Elec onic Ma ke s
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Sp inge Na u e
Sugges ed Ci a ion: Bendig, Da id; Cha le , Maximilian (2025) : Oppo uni ies and challenges
o blockchain o mul i-sided pla o ms, Elec onic Ma ke s, ISSN 1422-8890, Sp inge , Be lin,
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RESEARCH PAPER
Oppo uni ies andchallenges o blockchain o mul i‑sided pla o ms
Da idBendig1· MaximilianCha le 1
Recei ed: 13 Janua y 2024 / Accep ed: 7 Janua y 2025
© The Au ho (s) 2025
Abs ac
Blockchain appea s p omising in mee ing he challenges o digi al mul i-sided pla o ms by limi ing he powe o cen alized
in e media ies. Resea ch has add essed indi idual aspec s o blockchain, including decen alized decision-making, us
mechanisms, and incen i iza ion measu es. A comp ehensi e o e iew o blockchain's conc e e oppo uni ies and challenges
o mul i-sided pla o ms can help esea ch wo k owa d a mo e holis ic iew. We aim o p o ide cu en knowledge on hese
nascen de elopmen s by pe o ming a de elopmen al li e a u e e iew. We ind ha pla o ms can modula ly adop di e en
echnological and go e nance- ela ed blockchain ea u es. We de elop a concep ual amewo k o eigh een oppo uni ies
and challenges o blockchain o mul i-sided pla o ms. Las , we highligh mu ual and some imes con a y e ec s be ween
hese oppo uni ies and challenges.
Keywo ds Blockchain· Blockchain pla o m· Decen alized go e nance· Mul i-sided pla o m· Ne wo k e ec s·
Pla o m go e nance
JEL Classi ica ion M150
In oduc ion
“Twi e was so open ea ly on ha many saw i s po en ial
o be a decen alized in e ne s anda d […]. Fo a a ie y o
easons, all easonable a he ime, we ook a di e en pa h
and inc easingly cen alized Twi e . Bu a lo ’s changed o e
he yea s,” says Jack Do sey (2019), a ounde o Twi e ,
13yea s a e he pla o m’s es ablishmen . Today, Twi e ,
now known as X, is a highly cen alized digi al pla o m
which egula ly p o okes c i icisms conce ning he pla o m
ope a o ’s exclusi e decision-making on con en mode a-
ion, use access, and in e ace es ic ions in he pla o m’s
ecosys em (Conge , 2022). Looking back a ew yea s, his
shi in pe cep ion is su p ising. The e m “Twi e e olu-
ion” once desc ibed how he public saw he pla o m as a
means o ee speech, democ a iza ion, and ci cum en ing
ga ekeepe s (Lim, 2012). Such a change in public pe cep-
ion o Twi e also impac s o he pla o ms. Fo example,
apa men -booking pla o ms, once celeb a ed o connec -
ing people, a e now pushed back by egula o s (Rossi, 2023).
Social media pla o ms, p e iously seen as global connec-
o s, ha e been shaken by da a leaks and p i acy scandals
(Conge , 2022). Elec onic ma ke places, while enabling
new ma ke s o small businesses, a e subjec o compe i-
ion in es iga ions and he suspicion o un ai ea men o
complemen o s (Wen & Zhu, 2019).
These pla o ms, as well as o he s such as idesha ing
apps like Ube , Didi, and Ly , o ood deli e y se ices like
Ins aca and Deli e oo, a e mul i-sided pla o ms, ac ing as
in e media ies o coo dina e and ma ch a ious use g oups,
acili a ing ansac ions be ween hem o a ee (Cennamo,
2021; Hagiu & W igh , 2015). Mul i-sided pla o ms sha e
inhe en cha ac e is ics, including (indi ec ) ne wo k e ec s
and c oss-subsidiza ion s a egies (Roche & Ti ole, 2003).
Indi ec ne wo k e ec s is a e m used o desc ibe a si ua ion
whe eby he alue o a good o one use elies on he num-
be o use s o ano he g oup (de Reu e e al., 2017; Ka z
& Shapi o, 1985). The economic in luence o mul i-sided
pla o ms is g owing, and hese pla o ms inc easingly ac
Responsible Edi o : Roge Bons
* Da id Bendig
dbendig@uni-muens e .de
* Maximilian Cha le
mcha le @uni-muens e .de
1 Ins i u e o En ep eneu ship, Uni e si y, o Muens e ,
Geis s asse 24-26, 48151Muens e , Ge many
Elec onic Ma ke s (2025) 35:25 25 Page 2 o 26
as “powe ul engines o comme ce” (E ans & Schmalensee,
2016, p. 3). In 2023, ou o he i e la ges global companies
in e ms o ma ke alue we e mul i-sided pla o ms (Mu -
phy & Tucke , 2023).
Cen alized pla o m o ches a o s a e esponsible o
he de elopmen and managemen o mul i-sided pla -
o ms. O ches a o s make decisions on aspec s like pla o m
access, ansac ion ules, ee s uc u e, p omo ion, coo dina-
ion o complemen o s, and inclusion o hi d pa ies (Pa ke
& Van Als yne, 2008; Pa ke e al., 2017; Rie eld e al.,
2019). In his way, pla o m o ches a o s a ec how humans
in e ac , ade, and make decisions. These de elopmen s and
he co esponding in luence o pla o m o ches a o s lead
o conce ns abou whe he cen alized mul i-sided pla o ms
a e becoming oo powe ul (Kamepalli e al., 2020). While
cen alized decision-making may be op imal o he pla -
o m company, i can nega i ely a ec hei use g oups and
o he s akeholde s (McIn y e e al., 2021; Sub amanian,
2017; Zu shi e al., 2021). In e es in decen alized mul i-
sided pla o ms is g owing. Decen aliza ion e e s o bu is
no limi ed o decision-making, ule se ing, o da a owne -
ship (Chen e al., 2021). Fo example, Twi e ounde Jack
Do sey unds he social pla o m Bluesky, a decen alized
Twi e al e na i e d i en by use s and de elope s (Conge ,
2022).
An inc easing numbe o pla o ms a e adop ing decen-
alized go e nance, o en based on blockchain (Chen e al.,
2021), a dis ibu ed ledge echnology o eco ding ansac-
ions in a decen alized and pe manen way (Laci y, 2022;
Mu ay e al., 2021). Such pla o ms a e cha ac e ized by
communi y-wide o ing p ocesses, he in eg a ion o c yp-
ocu encies, and he dec eased ele ance o cen alized
in e media ies (T abucchi e al., 2020). Weking e al. (2020)
desc ibe blockchain’s po en ial o “new ways o o ganiz-
ing economic ac i i ies, educ[ing] cos s and ime associ-
a ed wi h in e media ies, and s eng hen[ing] he us in
an ecosys em o ac o s” (p. 285). The dec eased ele ance
o cen alized o ches a o s is s iking. Ou unde s anding
o he s uc u es, dynamics, and economics o mul i-sided
pla o ms has been shaped by pla o ms wi h cen alized
o ches a o s. The ongoing de elopmen o decen alized,
blockchain-suppo ed pla o ms challenges many o hese
assump ions, necessi a ing a be e unde s anding o hei
implica ions o mul i-sided pla o m esea ch (Choi e al.,
2020b; T abucchi e al., 2020). In his con ex , in o ma ion
sys ems and mul i-sided pla o m esea ch communi ies can
bene i om an unde s anding o how blockchain echnology
can apply o mul i-sided pla o m esea ch and how i can
change ou p e ious assump ions.
P e ious esea ch published in special issues o Elec-
onic Ma ke s has analyzed, among o he , s a egies o
mul i-sided pla o ms (Abdelka i e al., 2019), he impac
o blockchain echnology on ne wo ked businesses (Bons
e al., 2020), he e olu ion o elec onic ma ke places (Al ,
2020b), and he in e ac ions o blockchain and elec onic
comme ce (Madlbe ge e al., 2022). We ollow he adi-
ion o he jou nal in es iga ing he po en ial and limi s o
blockchain echnology o business models, ne wo ked busi-
nesses, and digi al pla o m ecosys ems (Al , 2020a; Hein
e al., 2020; Weking e al., 2020). In his a icle, we explo e
he impac o blockchain on mul i-sided pla o ms. In ou
de elopmen al li e a u e e iew, we i s de elop a esea ch
amewo k o analyze he impac o blockchain on pla o ms.
Second, we de e mine wha he oppo uni ies and challenges
o blockchain o mul i-sided pla o ms a e, based on cu en
esea ch. We add ess wo esea ch ques ions:
RQ 1: Which esea ch amewo k is applicable o ana-
lyzing he impac o blockchain on mul i-sided pla o ms?
RQ 2:Wha a e he oppo uni ies and challenges o
blockchain o mul i-sided pla o ms?
We ind ha he e is no uni o m blockchain pla o m
a che ype. Ins ead, pla o ms can u ilize di e en se s o
blockchain ea u es. We de elop a amewo k comp ising
ou blockchain ea u es and 18 oppo uni ies and chal-
lenges o mul i-sided pla o ms. Ou esul s con ibu e o
he mul i-sided pla o m li e a u e by p o iding a cu en
s a e o knowledge on he impac o blockchain on mul i-
sided pla o ms, displaying he mani oldness o blockchain
impac on mul i-sided pla o ms, and sha pening pla o m
execu i es’ unde s anding o he ele ance, use cases and
impac o indi idual blockchain ea u es.
The emainde o his pape p oceeds wi h he p oposed
s uc u e o Wol swinkel e al. (2013) o a concep -cen ic
li e a u e e iew. In he backg ound chap e , we p o ide an
o e iew o mul i-sided pla o ms and blockchain esea ch,
indica ing he a ionale o his li e a u e e iew. In he
me hod chap e , we desc ibe he app oach and p ocess o
he de elopmen al li e a u e e iew. The eupon, we de elop
a esea ch amewo k o ou analysis. Then, we pe o m he
ex ual analysis o he li e a u e sample, analyzing oppo -
uni ies and challenges o pla o ms. Las , we discuss and
summa ize ou esul s, and p o ide an o e iew o he con-
ibu ions and limi a ions o ou app oach.
Backg ound
Mul i‑sided pla o ms
Ou s udy con ibu es o analy ical esea ch ega ding he
alue c ea ion o in e media ies as hey acili a e ansac-
ions be ween pa ies in compe i i e mul i-sided ma ke s
(E ans, 2003; Hagiu, 2006; Ka z & Shapi o, 1985; Roche
& Ti ole, 2003). The e m “mul i-sided” e e s o ma ke
Elec onic Ma ke s (2025) 35:25 Page 3 o 26 25
s uc u es ha b ing wo o mo e di e en use g oups
oge he o ansac ions. Common examples include ho el
booking pla o ms (ho els and gues s), sea ch engines (web
use s and ad e ise s), o PC ope a ing sys ems (use s, ha d-
wa e p oduce s, and applica ion de elope s) (Cennamo &
San alo, 2013; Cusumano e al., 2019; Seamans & Zhu,
2014). Due o ad ancemen s in in o ma ion echnology,
many o hese mul i-sided ma ke s eme ge in he o m o
digi al pla o ms, which we e e o as mul i-sided pla o ms
(Reime s e al., 2019).
Mul i-sided pla o m companies do no pu emphasis on
p oduc s in he con en ional sense. Ins ead, hey e icien ly
ma ch di e en use g oups o exchange goods and se ices,
o en digi al, and le y a ansac ion ee om a leas one o
he use g oups (Cusumano e al., 2019). Hagiu and W igh
(2015) de ine he o e a ching cha ac e is ics o mul i-sided
pla o ms, namely hei ole o acili a ing “di ec in e ac-
ions be ween wo o mo e dis inc sides,” whe eby “each
side is a ilia ed wi h he pla o m” (p. 5). Pla o m business
models a e cha ac e ized by indi ec ne wo k e ec s, such
as he posi i e eedback loop c ea ed by he ac ha he
a ac i eness o a pla o m o one use g oup depends on
he quan i y o he o he use g oup (Ka z & Shapi o, 1985).
A majo s eam in mul i-sided pla o m esea ch is he
analysis o he ole o cen alized pla o m o ches a o s, he
en i ies ha own, ope a e, go e n, and s a egically de elop a
pla o m (Adne , 2016). O ches a o s con ol he pla o m’s
echnology and make decisions ega ding access, ansac ion
ules, ee s uc u e, p omo ion, coo dina ion o complemen-
o s, and inclusion o hi d pa ies (Adne , 2016; Boud eau,
2017; Jacobides e al., 2018; Pa ke & Van Als yne, 2008,
2013; Rie eld e al., 2019). Adne (2016) de ines an o ches-
a o as an in e media y “ o whose ision o s uc u e and
oles o he s de e . I se s, and o en en o ces, he go e nance
ules, de e mines iming, and o en eaps he lion’s sha e
o gains a e he ecosys em is aligned” (p. 48). The ways
ha o ches a o s balance he pla o m’s business model o
a ac di e en use g oups, suppo ne wo k e ec s, and
sol e he chicken-egg p oblem ha e been well- esea ched
(Cennamo & San alo, 2013; Eisenmann e al., 2011; Kapoo
& Lee, 2013).
McIn y e e al. (2021) desc ibe how pla o m o ches-
a o s cap u e alue by op imizing “which side o cha ge,
p icing s a egy, swi ching cos s, mul i-homing cos s, and
c owdsou cing” (p. 9). O ches a o s make s a egic deci-
sions o pla o m de elopmen and budge alloca ion o
es ablish us and anspa ency among use g oups and o
incen i ize use s based on hei ela i e p ice elas ici ies
(Hein e al., 2020; Seamans & Zhu, 2014).
Rie eld e al. (2019) and Pa ke and Van Als yne
(2008) ind ha o ches a o s play a cen al ole in man-
aging alue cap u e and c ea ion in a pla o m’s ecosys-
em by selec i ely p omo ing pa icula complemen s.
This way, o ches a o s p o oundly in luence which com-
plemen s succeed on a pla o m and he in ensi y o com-
pe i ion be ween complemen o s. Pa ke and Van Als yne
(2013) conclude ha an o ches a o “ac s as a sel -in e -
es ed social planne o [ he pla o m’s] mic oeconomy,
making choices ha accoun o end-use consump ion
and de elope p oduc ion h ough cycles o ecombinan
inno a ion” (p. 3026).
Resea che s acknowledge ha cen alized o ches a-
o cons uc s can imply ad e se ou comes o a pla o m,
ecosys em dynamics, o use g oups. O ches a o s can
ail o s imula e and channel complemen o engagemen
o pla o m de elopmen (Gawe & Cusumano, 2014;
Wallbach e al., 2019). Analyses o he op imal deg ee o
con ol o o ches a o s compa ed o pla o m use s yield
di e ing esul s (Chen e al., 2021; Hagiu & Spulbe ,
2013; Zhao e al., 2022). Wen and Zhu (2019) obse e
ha pla o m o ches a o s’ s a egic ac ions can educe
de elope inno a ion and aise p oduc p ices. Pa ke e al.
(2017) desc ibe how o ches a o s egula ly abso b use
inno a ion.
Despi e hese indings, he unde lying assump ion o
a cen al o ches a o emains unchanged in esea ch,
elying on pla o m concep s “in which a ocal i m
app oaches he alignmen o pa ne s and secu es i s
ole in a compe i i e ecosys em” (Adne , 2016, p. 47).
While esea ch acknowledges heexis ence o al e na i e
pla o m models, “we end o see an in e nal hie a chy
o in luence and con ibu ion ha maps on o membe s
wi h mo e e sus less in luence on s uc u e, choices,
and iming o alue c ea ion” (Adne , 2016, p. 57).
Resea ch o en implies ha “all adi ional mul i-sided
pla o ms ely on a cen al in e media y” (T abucchi
e al., 2020, p. 554).
Consequen ly, cen alized go e nance models shape ou
unde s anding o mul i-sided pla o ms, hei unde lying
dynamics, and challenges (Tumasjan & Beu el, 2018).
This consis en pe spec i e is su p ising, conside ing he
business model’s challenges and a gene al end in elec-
onic ma ke s and managemen esea ch owa ds mo e
decen alized o ms o go e nance (Daibe l e al., 2019).
Fo example, Zacha iadis e al. (2019) no e ha “while he
managemen li e a u e emphasizes he need o app oaches
capable o agile o ches a ion o esou ces ac oss ime and
space, a su p ising deg ee o cen aliza ion cha ac e izes
he go e nance o digi al pla o ms” (p. 114). Simul ane-
ously, we obse e he de elopmen o mo e decen alized
pla o ms in e ms o go e nance and echnical in as uc-
u e in p ac ice (T abucchi e al., 2020). Reasons o his
de elopmen a e mani old, o example, he use ’s desi e
o join inno a ion and ai alue cap u e (Schmeiss e al.,
2019). Fu he mo e, he eme gence o blockchain echno-
logically enables decen aliza ion endencies.
Elec onic Ma ke s (2025) 35:25 25 Page 4 o 26
Blockchain echnology
Blockchain is a dis ibu ed ledge echnology o eco ding
ansac ions in a decen alized and immu able way (Mohan,
2019). Laci y (2022) de ines blockchain as “a me a-concep
ha e e s o se e al concep s and echnologies, including
dis ibu ed ledge s, consensus algo i hms, c yp oasse s, and
sma con ac s” (p. 326). Unlike adi ional ledge s, in o -
ma ion is s o ed and upda ed decen alized, enabling a con-
s an alignmen o s o ed da a ia a consensus mechanism.
This way, manipula ion o ansac ion da a is a oided, and
us is c ea ed wi hou a mu ually ecognized middleman,
like a bank, no a y, o s a e ins i u ion (Shen e al., 2020;
Wang e al., 2019).
Technical implica ions o blockchain in in o ma ion
sys ems a e desc ibed as a - eaching (Bons e al., 2020).
Blockchain echnology may e olu ionize business ope a-
ions widely due o i s inhe en echnical ea u es (Choi
e al., 2020b). Blockchain also a ec s go e nance o ms
(Ziolkowski e al., 2020; Zu shi e al., 2021). Ying e al.
(2018) desc ibe he way blockchain’s secu i y, eliabili y,
anspa ency, and immu abili y a e enabled by i s echni-
cal ea u es, bu ha e he g ea es e ec on an o ganiza-
ional a he han a echnical le el. Ziolkowski e al. (2020)
iden i y six challenges ha a ise wi h blockchain go e n-
ance, hal o hose unique o he echnology. Indeed, ecen
esea ch ou lines he ele ance o be e unde s anding he
implica ions o go e nance aspec s o blockchain in in o -
ma ion sys ems esea ch (Laci y, 2022). This includes he
ollowing:
• Decision-making: Blockchain o e s new ways o decen-
alize go e nance igh s. Muelle -Bloch e al. (2022)
desc ibe he ele ance o decen alized decision-making
as c ucial o eplacing us ed in e media ies in in o ma-
ion sys ems. Ziolkowski e al. (2020) ou line decision-
making challenges in blockchain go e nance ha a e
no el and equi e mo e unde s anding.
• Tokens: A majo explana ion o he ini ial success
o blockchain-based c yp ocu encies is he abili y o
ewa d ne wo k con ibu o s wi h newly issued okens,
mo i a ing hem o engage in alue-enhancing ac i i ies
(Laci y, 2022). Tokens a e ans e able alue uni s in a
pla o m ecosys em o con ibu o incen i iza ion, alue
exchange, o und aising (Chod e al., 2021; Cong e al.,
2022; Tönnissen e al., 2020). D asch e al. (2020) sugges
ha while okens can add ess chicken-and-egg p oblems in
digi al ecosys ems, hey can also nega i ely a ec sys em
usage. Beck e al. (2018) and Tönnissen e al. (2020)
discuss exis ing esea ch gaps in oken-based ecosys ems.
• T us : The us unc ion o blockchain is inc easingly
esea ched. Mu ay e al. (2021) analyze he impac o
blockchain on he way ma ke ansac ions a e pe o med.
Cho e al. (2021) show he po en ial o blockchain o
inc ease ax compliance in online ades by de e ing
endo s’ mis epo ing. Feulne e al. (2022) analyze he
po en ial o blockchain o pla o ms o anspa en ly
eco d he owne ship o e en icke s and limi icke
scalping.
Blockchain‑suppo ed mul i‑sided pla o ms
Resea ch add esses he po en ial o blockchain o ans o m
he p ocesses and s uc u es o mul i-sided pla o ms (Lage
e al., 2022; T abucchi e al., 2020). Heine al. (2019, 2020)
iden i y blockchain as a push ac o o incumben s’ deci-
sions o adop mul i-sided pla o ms. Zu shi e al. (2021)
analyze blockchain’s abili y o enhance mul i-sided pla -
o ms wi h analy ics and au oma ion applica ions, decen-
alized da a in as uc u e, and membe ship managemen
ools. Weking e al. (2020) desc ibe he po en ial o block-
chain as pla o m in as uc u e o mul i-sided ope a ions.
Resea che s analyze scena ios om single blockchain
ea u es enhancing mul i-sided pla o ms o pla o ms
un en i ely by blockchain echnology (Niu e al., 2021;
Schmeiss e al., 2019).
One challenge esea che s ace is he agueness o he
e ms blockchain-enabled espec i ely blockchain pla -
o m. Pe ei a e al. (2019) di e en ia e be ween adi ional
cen alized and blockchain-based pla o ms. Opposi e o
he o me , blockchain-based pla o ms a e cha ac e ized
by communi y decision-making, pe missionless en y
ules, decen alized e i ica ion o ansac ions, and c yp-
ocu ency ins ead o p icing-mechanism incen i es. Lage
e al. (2022) de elop a axonomy o blockchain pla o m
a che ypes. They di e en ia e be ween hos ed, ede -
a ed, and sha ed blockchain pla o ms, u ilizing di e en
amoun s o blockchain componen s. Chen e al. (2021) dis-
cuss semi-decen alized pla o m go e nance s uc u es as
on Google’s And oid pla o m. Zu shi e al. (2021) desc ibe
hyb id o ms o pla o ms whe e o ches a o s and use
g oups sha e go e nance.
Blockchain’s ele ance o mul i-sided pla o ms
is o a la ge deg ee i s po en ial o eplace he cen al
in e media y ole o pla o m o ches a o s. As
men ioned ea lie , mos pla o m esea che s ope a e
wi h an unde lying assump ion o a cen al in e media y.
Zacha iadis e al. (2019) highligh he po en ial
go e nance implica ions o blockchain o cu en
ma ke -leading cen alized pla o ms. Al (2020a)
p esen s “ he ques ion o whe he pla o m p o ide s
a e s ill necessa y […,] pa [ing] he oad owa ds
comple ely decen alized blockchain-based elec onic
ma ke places o decen alized exchanges” (p. 184).
Elec onic Ma ke s (2025) 35:25 Page 5 o 26 25
As blockchain-suppo ed pla o ms de elop, hey gi e
ise o his ques ion: I blockchain can change majo
assump ions in mul i-sided pla o m esea ch, such as
he ole o a cen al o ches a o (T abucchi e al., 2020),
wha is he echnology’s impac on mul i-sided pla o ms
and on he p e ailing scien i ic unde s anding? As Laci y
(2022) no es, “[s]ome o ou mos e e ed heo ies need
o be e isi ed because o blockchain” (p. 334).
P e ious esea che s ha e e iewed exis ing li e a-
u e on blockchain-based mul i-sided pla o ms o c ea e
anspa ency in his nascen ield. Pe scheid (2021) ana-
lyzes 29 a icles on blockchain’s dis up i e inno a ion
in pla o m ma ke s. The au ho iden i ies di e ences
be ween cen alized and decen alized pla o ms bu does
no ocus on mul i-sidedness. Zu shi e al. (2021) ana-
lyze cu en indings ega ding blockchain ypes, hei
alue p oposi ions, and hei impac on digi al pla o ms.
They choose a echnical ocus ins ead o one based on
mul i-sided pla o m esea ch. Kölbel e al. (2022) ana-
lyze 36 a icles on blockchain-enabled ma ke places.
They desc ibe he cu en s a e o esea ch in hema ic
ca ego ies including ma ke en i onmen and ma ke -
place media ion design. P e ious esea ch add essing he
impac o blockchain on mul i-sided pla o ms, e.g., in
he o m o bo h oppo uni ies and challenges, has hus
a aken o he lenses.
Me hod
This e iew aims o p o ide gene alizable indings on he
impac o blockchain on mul i-sided pla o ms. Ou li e a u e
sample consis s o di e se s udies wi h di e ing heo e ical
concep s and empi ical me hods. We conduc a de elopmen-
al li e a u e e iew o accoun o his di e si y when selec -
ing li e a u e, analyzing con en s, and gene a ing new knowl-
edge (Templie & Pa é, 2015). Templie and Pa é (2015)
p opose wo majo aspec s o hese ypes o e iews. Fi s is
a s uc u ed sea ch app oach o iden i ying and selec ing a
sample. Second is a concep - espec i ely amewo k-cen ic
app oach o analyzing and syn hesizing he sample.
We ollow a s uc u ed p ocess documen ed wi h log-
books o allow o anspa en , ep oducible, bias- ee, and
o wa d-looking conclusions. We u ilize he adap able guid-
ance on de elopmen al li e a u e e iews o sample selec-
ion and analysis o Templie and Pa é (2015) and Wol -
swinkel e al. (2013) and de elop an eigh -s ep app oach.
As de ailed by Wol swinkel e al. (2013), hese s eps a e no
s a ic bu consis o i e a i e loops o con inuous e ine-
men o he sample and i s analysis. The inal sample was
de eloped be ween he 5 h o May 2022 and he 8 h o May
2023. The eupon, a phase o i e a i e concep ualiza ion ol-
lowed un il we eached heo e ical sa u a ion on he 12 h o
No embe 2023. We p o ide a p ocess o e iew in Fig.1.
Sample selec ion Sample analysis
P oblem
o mula ion
1Scopede ini ion &
li e a u e sea ch
2
Quali y assessmen
3Sc eening o inclu-
sion & inal sample
selec ion
4
I e a ions
esul ing
in inal
end
p oduc s
Examples
o
i e a i e
analysis
Ac i i ies
(selec ion)
S ep
I e a i e e inemen o sample un il inal sampling (8 h o May, 2023) I e a i e concep ualiza ion un il heo e ical sa u a ion (12 h o No embe , 2023)
P ima y explo a i e i e a ion (5 h o May, 2022)
De ine c i e ia o inclusion/
exclusion o sample
Selec languages
De e mine app op ia e
sou ces o he sample
Decide on speci ic sea ch
e ms
Iden i y ields o esea ch
(e.g., SJR sec ions)
Open coding
5
Axial coding
6
Selec i e coding
7Resul o mula ion
and p esen a ion
8
Fig. 4: Basic amewo k
s uc u e a e open
coding
Fig. 5: Re ined basic
amewo k a e axial
coding Fig. 6: F amewo k o
oppo uni ies and challenges
Explica e aguely opic and
scope o he e iew and
p og essi ely e ine hese
C ea e a p ecise e e ence
poin and se logic o
subsequen design decisions
Implemen quali y measu es
o ensu e e idence, alidi y,
and signi icance o esul s
C ea e gene al accep ance o
indings, e.g., ac oss
esea ch communi ies and
geog aphies
Exclude duplica es
De ine bounda y condi ions
Tes condi ions wi h in e -
code app oach
Analysis o abs ac s and
i les
Analysis o o wa d and
backwa d ci a ions
Discussion in cases o
di e gen judgemen s
Inc ease abs ac ion le el o
indings
Iden i y he main hemes o
ca ego ies (e.g., in he o m
o subca ego ies)
Adap amewo k wi h
gene a ed ela ions and sub-
ca ego ies
C ea e a se o exce p s
Sys ema ically no e down
ypes o indings and
i e a i ely de elop
o e a ching ca ego ies
De elop mu ually exclusi e
and collec i ely exhaus i e
basic amewo k
Compa e, ela e, and link he
iden i ied ca ego iza ions
wi h each o he and he
s udied pape s and exce p s
Induc i ely c ea e ca ego ies
un il s a e o heo e ical
sa u a ion is eached, e.g.,
wi h he means o g aphical
ma ices
De elop a inal concep ual
amewo k
S uc u e, p esen , and make
sense o ea lie indings and
associa ed insigh s
Fo mula e discussion,
limi a ions, con ibu ions,
and conclusion o he wo k
De elop co esponding
g aphs and isualiza ions o
a anspa en p esen a ion o
esul s
Goal: P o ide
gene alizable indings on
he impac o blockchain
on mul i-sided pla o ms
RQ 1: Which esea ch
amewo k is applicable
o analyzing he impac o
blockchain on mul i-sided
pla o ms?
RQ 2: Wha a e he
oppo uni ies and
challenges o blockchain
o mul i-sided pla o ms?
>80,000 a icles ( i s
da abase sea ch)
15,532 a icles downloaded
on 16 h o Ma ch 2023
( ocussing on jou nals,
a e usingsea ch e ms,
d opping ScienceDi ec )
3,200 a icles (applying
SJR „Business,
Managemen and
Accoun ing” and
“Economics, Econome ics
and Finance” sec ions)
501 a icles (SJR Ranking
cu o : 2.75 o highe )
Tes di e en quali y il e s
including a ious ankings
265 a icles (a e
emo ing duplica es)
Choose SJR and apply
highe o lowe cu -o s
han 2.75
27 a icles, ep esen ing he
niche shaping o ou wo k
and i s inal sampling
(a e analysis o ull ex s
and o wa d and backwa d
ci a ions)
72 a icles (a e eading
abs ac s and i les)
Se o exce p s o all
included a icles
Oppo uni y
o challenge
Wha ?By? Condi ionComponen Concep ual
ca ego y
Sou ce
P
Oppo uni y O e coming
doub s o
complemen o s
o commi o
and engage
wi ha pla o m
Alloca ing
con ol
poin s and
esponsibili y
in a
decen alized
way
Con ol
poin s
need o
enable
equal o
simila
alue
cap u e
and
in luence
o design
pla o m
and
in e aces
Decision-
making
Complemen o
engagemen
Saada mand
e al. (2019)
…… ………… …
Table 1: 49 abula en ies
Figs. 8, 9, 10: Case s udies
Fig. 11: Resea ch gaps
Fig. 7: Syn hesized
amewo k
Fig. 2: A ibu ion o
a icles o ca ego ies
Fig. 1 I e a i e esea ch design o sample selec ion and analysis o a de elopmen al li e a u e e iew, based on Wol swinkel e al. (2013) and
Templie and Pa é (2015)
Elec onic Ma ke s (2025) 35:25 25 Page 6 o 26
Sample selec ion
S ep 1: P oblem o mula ion
The basis o his e iew was he ques ion o how he eme -
gence o decen al blockchain echnology impac s cen al-
ized mul i-sided pla o ms. In an i e a i e p ocess, his
p oblem de ini ion was e ined in o wo consecu i e esea ch
ques ions. These ac ed as e e ence poin s and se logic o
subsequen esea ch design decisions. Fi s , we de elop a
esea ch amewo k o analyze he impac o blockchain
on pla o ms. In ou second esea ch ques ion, we analyze
conc e e oppo uni ies and challenges o hese blockchain
ea u es o mul i-sided pla o ms.
S ep 2: Scope de ini ion andli e a u e sea ch
To ensu e he quali y and alidi y o indings, we limi ed ou
sea ch p ocess o pee - e iewed jou nal a icles in English
language and excluded o he sou ces, e.g., g ey li e a u e
(Wol swinkel e al., 2013). We did no limi he li e a u e
e iew o a speci ic ime ame, as ele an li e a u e, due
o he ela i e no el y o ou esea ch subjec , s a ed o
de elop in a manageable ime ame o a ound en yea s.
We sea ched h ee scien i ic da abases: EBSCOhos , Web
o Science, and Scopus. Ou i e a i e app oach led o he
exclusion o he ScienceDi ec da abase due o he absence
o exclusi e indings.
Ini ially using he sea ch e m “blockchain pla o m,”
we i e a ed ou sea ch s a egy o a inal keywo d se con-
sis ing o “blockchain” o “decen al go e nance” in com-
bina ion wi h ei he “pla o m” o “ma ke .” We sea ched
he i le and abs ac o a icles including he use o wild-
ca d okens (exempla y sea ch s ing: “(blockchain* OR
decen al* go e nance*) AND (pla o m* OR ma ke *)”).
A inal sea ch i e a ion esul ed in 15,532 selec ed a icles
on he 16 h o Ma ch 2023. We hen limi ed ou sample o
a icles published in jou nals lis ed in he “Business, Man-
agemen and Accoun ing” and “Economics, Econome ics
and Finance” sec ions o he SCImago Jou nal Ranking
(González-Pe ei a e al., 2010). Du ing he i e a ion phase,
we disco e ed ha only hese ca ego ies p o ide aluable
indings o answe ing ou esea ch ques ions. The wo sec-
ions include, e.g., in o ma ion sys ems, economics, and
managemen jou nals.
S ep 3: Quali y assessmen
De elopmen al li e a u e e iews do no o mally assess he
quali y o unde lying s udies. Ne e heless, he e is a need o
ensu e he e idence, alidi y, and signi icance o he esul s
(Templie & Pa é, 2015). We u ilized he SCImago Jou nal
Ranking (SJR) o conside he weigh ed quali y o an a i-
cle’s jou nal (Al e al., 2016). The a ing o a jou nal ep e-
sen s i s pe cei ed quali y based on he “numbe o ci a ions
and he p es ige o he jou nals, in which a gi en jou nal’s
a icles a e ci ed” (K uege e al., 2021, p. 5). While he
SJR app oach has limi a ions, i is well-es ablished in man-
agemen and in o ma ion sys ems esea ch (K uege e al.,
2021; Teubne & S ockhinge , 2020). Fu he mo e, i ul ills
expec a ions ega ding accep ance ac oss esea ch commu-
ni ies and geog aphies, which is ele an due o he global
na u e o he esea ch subjec (Al e al., 2016).
The decision o only include esea ch om jou nals
anked 2.75 o highe was based on wo conside a ions. Fi s ,
we chose o conside only abo e-a e age ele an esul s.
Second, his app oach enabled a meaning ul manual analysis
by keeping he numbe o analyzed a icles manageable. The
cu o a 2.75 ep esen ed he uppe hi d o all a icles iden-
i ied wi h an SJR a ing o a leas 1.0, namely, 501 a icles.
Please see Appendix 1 o a de ailed lis o he a icles.
S ep 4: Sc eening o inclusion and inal sample selec ion
A e elimina ing duplica es, 265 a icles emained. A chal-
lenge o esea che s o mul i-sided pla o ms is he p e ail-
ing ambigui y o hei esea ch subjec . Va ious pla o m
con igu a ions and de ini ions hinde o e a ching indings
and hypo heses in pla o m esea ch (Abdelka i e al., 2019).
The e m “pla o m” has di e en meanings in esea ch
s eams like so wa e de elopmen , mechanical enginee ing,
o compu e science. While he e m “mul i-sided pla o m”
is clea ly de ined, some au ho s use o he o ms, including
“digi al pla o m” o jus “pla o m.”
To ensu e we ga he ed all ele an esul s, we ollowed
a p ecise app oach. We included esea ch on pla o ms ha
ul ill he condi ions o a mul i-sided pla o m, e en when
he conc e e e m was no used. A icles included in ou
esea ch equi ed he ollowing bounda y condi ions build-
ing on es ablished mul i-sided pla o m esea ch (Pa ke
e al., 2017; Roche & Ti ole, 2006):
(1) Pla o ms mus be mul i-sided, meaning hey ma ch wo
o mo e use g oups.
(2) Each use g oup mus consis o mul iple use s.
(3) Pu e c yp ocu encies like bi coin a e no conside ed.1
(4) The e is a clea compa ison o pla o ms wi h and
wi hou blockchain echnology, and he same goes o
blockchain-p incipled go e nance.
1 Please no e ha lending o in ech pla o ms a e conside ed in he
e iew i hey ul ill he lis ed c i e ia.
Elec onic Ma ke s (2025) 35:25 Page 7 o 26 25
Condi ions we e es ed in se e al ounds o manual ead-
ing by wo esea che s u ilizing indi idual selec ion ables,
in which hey no ed down he conside a ions o selec ion.
We i e a i ely analyzed ou samples’ i les, abs ac s, ull
ex s, and o wa d and backwa d ci a ions and eached an
in e -code eliabili y o abo e 90 pe cen . When esea che s
came o di e en conclusions ega ding he inclusion o a i-
cles, cases we e indi idually discussed. Such cases included
a icles ha analyze se e al pla o m ypes, some o which
ul ill he condi ions o a mul i-sided pla o m while o he s
do no , e.g., Shen e al. (2020). We included only indings
ha complied wi h ou condi ions. We included a icles in
which ea u es such as decen alized pla o m go e nance
we e explici ly highligh ed e en i no blockchain ea u es
we e men ioned, e.g., by Mu ay e al. (2021). The inal sam-
ple o da a selec ed o subsequen ho ough ex ual analysis
consis ed o 27 a icles and ep esen ed he niche shaping o
ou wo k (Wol swinkel e al., 2013).
Sample analysis
While ex ac ing, analyzing, and syn hesizing da a, esea ch-
e s in eg a e p io knowledge, hough s, and ideas, making
a consis en , igo ous, and concep -cen ic app oach ele-
an (Templie & Pa é, 2015). To each he desi ed le el o
objec i i y, we applied he h ee i e a i e coding phases o
Wol swinkel e al. (2013).
Ou inal amewo k and unde lying conclusions a e he
esul o his in e wined p ocess, based on se e al ounds o
going back and o h be ween a icles, making no es, de el-
oping concep s based on induc i e hinking, and in es iga ing
links be ween di e en a icles (Wol swinkel e al., 2013).
S ep 5: Open coding
Fi s , we ma ked indings and insigh s ele an o ou p ob-
lem o mula ion wi hin he 27 a icles o he sample, c ea -
ing a subs an ial se o exce p s o each a icle. We hen
sys ema ically no ed he indings and i e a i ely de eloped
o e a ching ca ego ies. This wo k esul ed in a mu ually
exclusi e and collec i ely exhaus i e 2 × 2 amewo k s uc-
u e di e en ia ing be ween blockchain go e nance- ela ed
and echnological ea u es (y-axis) and be ween oppo uni-
ies and challenges (x-axis, see Fig.3). The ou ca ego ies
ep esen he lowes ca ego izable common denomina o
s uc u e o ou indings ega ding he di e si y o ou unde -
lying da a sample in e ms o le el o abs ac ion, unde lying
me hods, and echnical speci ics as blockchain designs.
S ep 6: Axial coding
In he axial coding phase, subca ego ies we e iden i-
ied and e ined (Wol swinkel e al., 2013). This p ocess
lowe ed he le el o abs ac ion compa ed o he open cod-
ing phase. We de i ed ou subca ego ies on he y-axis.
These ep esen he main hemes o ou concep ual s udy.
In con as , ou x-axis ope a ionaliza ion emained con-
s an compa ed o he open coding phase, as i p o ed
o be he mos use ul design e en a e u he i e a ion.
This e ined 2 × 4 amewo k ac s as concep ual ame o
answe ing RQ 2 (see Fig.4).
S ep 7: Selec i e coding
In he s ep o selec i e coding, he esea che imme ses in o
he sub-ca ego ies based on he unde lying li e a u e, e ines
hem, c ea es indi idual concep s, and de elops ela ions
be ween hese concep s in an i e a i e p ocess o “compa -
ing, ela ing, and linking he iden i ied ca ego iza ions wi h
each o he and he s udied pape s and exce p s” (Wol swin-
kel e al., 2013, p. 7).
Two esea che s u ilized a abula amewo k (Table1)
o sys ema ically subsume he indings o unde lying a i-
cles ega ding ou 2 × 4 coding (Fig.5). We documen ed 49
abula en ies, desc ibing which conc e e e ec s a block-
chain ea u e causes in mul i-sided pla o m se ings (col-
umn “Wha ”) and how he blockchain ea u e achie es his
conc e ely (column “By”). These 49 en ies ep esen ed he
syn hesis o he 27 a icles ega ding blockchain impac s.
Based on he column “Wha ” in ou abula ame-
wo k, we induc i ely c ea ed 18 concep ual ca ego ies
ha desc ibe wha he ou blockchain ea u es imp o e,
enable, o exace ba e in he con ex o mul i-sided pla -
o ms. We de eloped hese ca ego ies in a highly i e a i e
p ocess and wi h he means o se e al g aphical ma ices.
This p ocess ended wi h eaching heo e ical sa u a ion,
meaning ha all 49 con en en ies o ou sample ega d-
ing he impac o blockchain ea u es on mul i-sided pla -
o ms we e se in o ela ion and mu ually linked wi h each
o he (see Fig.2).
Then, we answe ed RQ 2 wi h he summa izing o e iew
in he o m o Fig.6: F amewo k o blockchain oppo uni ies
and challenges o mul i-sided pla o ms, which is de i ed
in de ail in he upcoming sec ion “Analysis o oppo uni ies
and challenges.”
S ep 8: Resul o mula ion andp esen a ion
Las , he indings and associa ed insigh s a e s uc u ed,
p esen ed, and concep ualized (Wol swinkel e al., 2013).
This is eached by induc i ely de i ing indings om he
esul s de eloped du ing he open, axial, and selec i e cod-
ing phases. To ensu e ha we “p e e he c ea i i y o he
da a o e he c ea i i y o he esea che ” (Wol swinkel e al.,
2013, p. 8), we ollowed in ou discussion and conclusion
sec ion a anspa en app oach based on ea lie indings. Fi s ,
Elec onic Ma ke s (2025) 35:25 25 Page 8 o 26
we de eloped he main discussion ega ding he wo esea ch
ques ions s ic ly based on he esul s o s eps 5 o 7.
We hen ex ended ou analysis and de eloped a syn he-
sized o e iew o mu ual and some imes con adic o y in lu-
ences be ween oppo uni ies and challenges o blockchain
ea u es (Fig.7). Fi s , his is pe o med by syn hesizing ou
inal amewo k o oppo uni ies and challenges (Fig.6). In
a second s ep we ex ended ou analysis by u ilizing addi-
ional academic a icles and expe li e a u e o de elop h ee
concise case s udies on he blockchain-suppo ed pla o ms
S eemi , Mas odon, and T adeLens (Figs.8, 9, and 10). The
cases we e selec ed based on hei ele ance and a ailable
backg ound in o ma ion.
Las ly, we included a g aph p o iding a nume ical analy-
sis o ou analyzed sample's absolu e and ela i e numbe s
(Fig.11). We also included an o e iew able o all ana-
lyzed a icles, including in o ma ion on he ype o block-
chain, consensus mechanisms, sma con ac use, and
unde lying case s udies o all ou samples (Appendix 1).
We o mula ed po en ial p omising u u e esea ch based
on hese esul s in he las discussion s ep. Taking all hese
s eps oge he , we ollowed he ecommenda ion o Webs e
and Wa son (2002) o de elopmen al li e a u e e iews o
combine heo e ical explana ions, pas empi ical indings,
and p ac ical examples.
RQ 1: De eloping a esea ch amewo k
To in es iga e he impac o blockchain on mul i-sided pla -
o ms, we de elop a esea ch amewo k o s uc u e insigh s
de i ed om ou unde lying li e a u e sample. P e ious
pla o m esea ch shows he ele ance o de ining a cohe -
en le el o abs ac ion o gene a e gene alizable insigh s
(Gawe , 2014; Gawe & Cusumano, 2014; Ponia owski
e al., 2022; Templie & Pa é, 2015). The le el o abs ac ion
in in o ma ion sys em esea ch desc ibes he deg ee o de ail
when analyzing a sys em (Kaasbϕll, 1995; Ponia owski
e al., 2022). A wide ange o po en ial abs ac ion le els
exis in pla o m esea ch, e.g., anging om holis ically
con as ing a cen alized and a blockchain-based pla o m
a che ype o de ailly analyzing he impac o blockchain on
pla o ms based on de ailed sys em componen s, e.g., he
decen alized ledge , iden i y e i ica ion capabili ies, o
consensus mechanisms (see also Fig.3).
As desc ibed in “S ep 5: Open coding” and “S ep 6:
Axial coding” in he p e ious me hod sec ion, we de ine a
concep ual esea ch amewo k by sys ema ically no ing
indings om ou sample and i e a i ely de eloping o e -
a ching, mu ually exclusi e, and collec i ely exhaus i e
ca ego ies o s uc u e ou indings on a cohe en le el o
abs ac ion.
Table 1 Tabula amewo k o analyzing and connec ing he li e a u e and c ea ing concep ual ca ego ies (including example)
Oppo uni y s. challenge Wha ? By? Condi ion Blockchain ea u e Concep ual ca ego y Sou ce Pages
Oppo uni y O e coming doub s o
complemen o s o com-
mi o and engage wi h
a pla o m
Alloca ing con ol poin s
and esponsibili y in a
decen alized way
Con ol poin s need o
enable equal o simila
alue cap u e and in lu-
ence o design pla o m
and in e aces
Decision- making Complemen o engage-
men (O2)
Saada mand e al. (2019) 14, 15
Elec onic Ma ke s (2025) 35:25 Page 15 o 26 25
Wang e al. (2019) desc ibe in hei single-case s udy ha
unlike con en ional pla o ms, hose wi h blockchain back-
g ound a e incen i izing use s no only economically bu also
psychologically, wi h measu es aimed a sel - ul illmen and
social in e ac ion, ul illing he mul i-dimensional mo i es
o use s. The au ho s no e ha such pla o ms should o e
su icien selec ion and secu e, pee - o-pee and eal- ime
ansac ions.
Mohan (2019) a gues ha incen i izing use s wi h okens
is ele an , bu by i sel insu icien o use mo i a ion. He
p oposes a combina ion o epu a ion sco ing and p oo -o -
alue mechanisms o encou age use s’ p oduc i e pa icipa-
ion. P oo -o - alue is de ined as “secu e consensus based on
ime and e o expended by humans in subjec i ely e alu-
a ing he con ibu ions made by agen s o he DC [decen-
alized coope a ion] ne wo k” (Mohan, 2019, p. 10). The
combina ion o epu a ion and okens as ewa ds enables
new ways o mo i a e and a ac con ibu o s.
Challenge 3: Incumben s and e o playe s
Eme gen blockchain-suppo ed mul i-sided pla o ms
compe e wi h incumben s including cen alized pla o ms.
Incumben s can es ablish lock-in e ec s and high swi ching
cos s o hei exis ing use s (Schmeiss e al., 2019). Failed
a emp s like he T adeLens p ojec p o e ha con incing
use s o swi ch o blockchain-suppo ed pla o ms can be
challenging (see “Case 3: T adeLens” in he discussion
sec ion). Mohan (2019) analyzes such pa icipa ion dilem-
mas, in which many use s would bene i om decen alized
blockchain solu ions. Ne e heless, bene i ing om he cu -
en sys em and ha ing li le incen i e o adop a new one,
di e en s akeholde s may ac as e o playe s.
Niu e al. (2021) p o ide in hei coope i ion model a
eason why b and-owning mul ina ional i ms may lack he
incen i e o suppo blockchain adop ion when selling ia
pla o ms. They a gue ha i he cos s o joining blockchain-
suppo ed pla o ms a e la ge enough, b and-owning i ms
should e ain om pa icipa ion in selling ia blockchain
pla o ms, e en i o he use s p o i om he new sys em. In
hei model, blockchain will make he b and-owning i m
wo se o in e ms o compe i ion le els and wholesaling,
e ailing, and ax-planning p o i s.
Hojcko a e al. (2020) desc ibe simila challenges using
he example o decen alized elec ic g id pla o ms. The
au ho s a gue ha i is unlikely ha exis ing cen alized
ma ke s o ganically become decen alized wi h a bo om-up
app oach. Ins ead, he ansi ion equi es collabo a ion wi h
es ablished pla o m ope a o s in cha ge o c i ical con ol
poin s. They ind ha while “blockchain-based P2P [pee o
pee ] elec ici y ading is in ended o dis up he cen alized
cha ac e o he elec ici y sec o , i s ealiza ion s ill elies
on accessing physical g id in as uc u e ypically owned
and managed by incumben s” (Hojcko a e al., 2020, p. 12),
which may hinde decen aliza ion a emp s.
Las , Chen e al. (2021) ind ha expe ienced pla o m
leade s end o a oid decen aliza ion, aising “ he conce n
ha pla o ms led by expe ienced leade s may become
o e ly cen alized” (p.1324).
T us ea u e
The hi d go e nance ea u e conce ns us . Mazzella e al.
(2016) desc ibe he ele ance o us o mul i-sided pla -
o ms in he sha ing economy. They highligh di e en us
dimensions ele an o pla o m use s o educe ma ke
ailu e likelihood, including us in he pla o m’s abili y
o comple e a ansac ion, in p oduc o se ice quali y,
in use au hen ici y, and manageable isks. In adi ional
pla o m esea ch, cen al o ches a o s a e esponsible o
c ea ing us be ween use s, gua an eeing ul illmen o
ansac ions, and ensu ing use s’ us in he in e media y
(T abucchi e al., 2020). Such cen alized design can p esen
disad an ages ega ding e iciency, cos , and he cen alized
isk o a single ailu e poin (Ying e al., 2018; Zacha iadis
e al., 2019). Discussions a ound pla o m ailu e and he
po en ial misuse o powe by cen alized pla o m o ches a-
o s, including da a b eaches, indica e he opic’s ele ance.
Con e sely, blockchain echnology is desc ibed as ha -
ing he po en ial o “c ea e anspa ency and us in an
ecosys em ha includes compe i o s and allows use s o
see which da a a e s o ed” (Hein e al., 2019, 2020, p. 643).
Ying e al. (2018) a gue ha blockchain “ eplaces ins i u-
ion-based us wi h democ a iza ion-based us ” (p. 3).
This claim is based on blockchain’s inhe en cha ac e is ics
such as i s dis ibu ed ledge unc ion, i s abili y o eco d
and e i y da a anspa en ly and pe manen ly, i s demo-
c a ic consensus mechanisms, and i s sel -execu ing sma
con ac s (Chen e al., 2021; Zacha iadis e al., 2019). Nex ,
we concisely desc ibe indings ega ding ou oppo uni-
ies and h ee challenges o blockchain in he ield o us .
Oppo uni y 5: T us inp oduc o se ice quali y
Xu and Choi (2021) analyze he e ec o p o iding block-
chain- e i ied p oduc in o ma ion on agency-sales-based
online pla o ms. They show ha au hen ic p oduc p o -
enance in o ma ion, including ca bon emission es ima ions,
inc eases mul i-sided pla o m p o i due o he libe a ion o
consume s om ha ing o consul o he sou ces. Condi ions
a e ha commission a es on he pla o ms and cos s o block-
chain echnology a e low. Fu he mo e, o de ailed analysis,
c oss-channel e ec s mus be conside ed (Xu & Choi, 2021).
Tao e al. (2022) un a S ackelbe g game model, ind-
ing ha u ilizing blockchain echnology may inc ease
p oduc quali y and dec ease consume p icing due o he
Elec onic Ma ke s (2025) 35:25 25 Page 16 o 26
in o ma ion e i ica ion e ec . Resul s depend on he num-
be o compe ing pla o ms, blockchain accep ance and qual-
i y sensi i i y o consume s, and po en ially lowe ed cos o
p oduc s. Di e en combina ions o hese ac o s may lead
o lowe quali y o highe consume p ices.
Baue e al. (2022) analyze blockchain ce i ica ions in
mul i-sided pla o m se ings. They de ine blockchain ce -
i ica ions as “documen a ion o he his o y o an asse by
mul iple independen pa ies in a us ed manne ” (p. 401).
The au ho s, looking a echnical and social subsys ems o
online ca ma ke places, a gue ha adi ional ma ke places
wo k non-op imally due o in o ma ion asymme ies. They
show ha blockchain ce i ica ions enable ai e sale p ices
o consume s by “dec easing he in o ma ion gap (en opy)
be ween buye s and selle s” (Baue e al., 2022, p. 417) i
p oduc in o ma ion is co ec .
Choi e al. (2020a) esea ch he impac o p oduc audi
cos on ull in o ma ion disclosu e. The au ho s say ha
i audi ing cos s a e mino , comple e p oduc in o ma ion
should be disclosed. They also show ha he disclosu e o
p oduc in o ma ion gene ally bene i s he pla o m, he con-
sume , and he selle i he la e uses consignmen schemes.
Blockchain can enable “an inc ease o he op imal p oduc
in o ma ion disclosu e le el, an inc ease o consume su -
plus, and he likelihood o ha ing he ull p oduc in o ma-
ion disclosu e” a pla o ms i he ea u e can “ educe he
in o ma ion audi ing cos , inc ease he p opo ion o in o -
ma ion-sensi i e consume s and educe demand ola ili y”
(Choi e al., 2020a, p. 29).
Shen e al. (2020) analyze he e ec o blockchain-enabled
quali y disclosu e on he likelihood o cus ome s pu chasing
secondhand p oduc s on a pla o m compa ed o buying new
p oduc s.3 The au ho s ind ha blockchain enables di e en i-
a ed p icing s a egies based on he uniqueness o p oduc s.
Wi h blockchain, secondhand p oduc s ha a e highly unique
can sell o he same p ice as new p oduc s ha a e less unique
because consume s can con iden ly e alua e p oduc quali y.
Resul s do no apply when p oduc s a e less unique. Addi ion-
ally, he au ho s accoun o he e ec o ac ual s. pe cei ed
quali y le els. Fo “high-quali y and high-unique p oduc s (e.g.,
luxu y p oduc s), implemen ing blockchain is ecommended o
bo h he pla o m and he supplie ” (Shen e al., 2020, p. 9) a
he expense o consume s’ wel a e.
Niu e al. (2021) desc ibe how blockchain echnology
bene i s selle s and buye s o b and p oduc s by emo ing
cus ome s’ unce ain y abou p oduc quali y, and he eby
inc easing he ma ke po en ial o selle s. Blockchain ac s as
p oo o o igin o p oduc s, enabling pla o ms o compe e
wi h b and manu ac u e s’ e ail di isions.
Shi e al. (2021) desc ibe blockchain au hen ica ion o
igh ing coun e ei p oduc s on pla o ms like Alibaba
o Amazon. Fo example, Alibaba uses an applica ion in
which in o ma ion on p oduc s’ aw ma e ials and logis ics
is e ie able o cus ome s.
Shen e al. (2022) ind ha he quali y disclosu e aspec
o blockchain is a de e en o coun e ei e s o b and me -
chandise sold on pla o ms. I he p opo ion o inexpe i-
enced consume s (e.g., o newly in oduced p oduc s) is
la ge enough and cos s a e mino , consume su plus and
he p o i o b and manu ac u e s g ow, bu he p o i s o
imi a o s diminish. The au ho s also ind ha blockchain
can dec ease p oduc quali y, because manu ac u e s a e los-
ing he incen i e o di e en ia e hemsel om imi a o s by
p o iding be e quali y.
Oppo uni y 6: T us in ansac ion p ocesses
Tan and Sa aniemi (2022) add ess he use o sma con ac s
in mul i-sided pla o ms o conduc au oma ic ansac ions
based on ul illmen o p ede ined condi ions. The au ho s
desc ibe how “blockchain ac s as an au onomous us ed
esc ow agen , managing he buye -selle ela ionship so ha
he in ol ed pa ies can us in hei exchange asse s by
gaining he economic bene i s expec ed om he ansac-
ion” (p. 18). The au ho s addi ionally add ess blockchain’s
abili y o elimina e he isk o us ing a pla o m in e medi-
a y. “The ma hema ical and c yp og aphy-d i en exchange
ne wo k could be used o eplace some o he us ed agen-
cies a a lowe cos , and subsequen ly, his allows la and
agile business collabo a ion wi h less hie a chical and less
bu eauc a ic middle managemen laye s” (Tan & Sa aniemi,
2022, p. 15). Use us is based on imes amped, immu able,
and anspa en ansac ion da a.
Simila ly, Ying e al. (2018) desc ibe he po en ial o
blockchain o eplace ins i u ional in e media ies wi h nodes
o a blockchain ne wo k, dec easing he isk o ailu e o a
cen alized in e media y.
Ma and Hu (2022) analyze blockchain’s po en ial o
inc ease pla o m use s’ us ega ding p oduc ecycling.
They desc ibe a coope a ion be ween a mul i-sided pla o m
and a blockchain echnology se ice pla o m o “imp o e he
eco e y e iciency wi h he help o i s blockchain echnology”
(p. 7). The au ho s ind ha “ he adop ion o blockchain can
e ec i ely imp o e b and goodwill, he ecycling a e o was e
p oduc s and demand” (Ma & Hu, 2022, p. 13). They ind
ha blockchain adds he mos alue in eselling se -ups a he
han using mul i-sided pla o m-like agency models, excep in
scena ios in ol ing medium o high commission a es.
Schmeiss e al. (2019) desc ibe ha blockchain ledg-
e s and sma con ac s dec ease in o ma ion asymme ies
when ewa ding use con ibu ions. This inc eases us “ ha
any in e ac ions a e secu ely execu ed and ha con lic s o
3 Conside ing only he a icle’s i s scena io wi h a decen alized,
non-in eg a ed supply chain due o he i wi h he concep o mul i-
sided pla o ms.
Elec onic Ma ke s (2025) 35:25 Page 17 o 26 25
in e es can be esol ed based on a common sou ce o u h”
(p. 133). This p e en s un ai alue cap u e o in e media ies
and enables pla o m access o con ibu o s who o he wise
would no us each o he . These indings migh no apply
o o e ly complex o dynamic sys ems.
Yu e al. (2021) desc ibe he po en ial o blockchain o
gua an ee bank loans in mul i-sided pla o m models. The
mul i-sided ma ke ha hey analyze ma ches p ojec de el-
ope s wi h se ice p o ide s. T adi ionally, pla o ms gua -
an ee bank loans ha p ojec de elope s equi e o inance
he acili a ed se ices. Blockchain-based “cus ome unde -
ake gua an ees” enable p ojec de elope s o mo gage
hei asse s ia blockchain echnology as colla e al owa ds
banks. This ees he pla o m om po en ial c edi isk and
oppo uni y cos s, leading o highe e iciency and a pa e o
imp o emen . The indings a e pa icula ly alid i de elop-
e s ha e low c edi le els o a low oppo uni y cos .
Tan (2022) e alua es he po en ial o blockchain-suppo ed
pee - o-pee ading o i ual objec s like ideo game asse s
and upg ades, whose alue can inc ease by use. P io o block-
chain, he downs eam exchange o i ual objec s could no be
acked, gi ing ise o such asse s being hea ily pi a ed. Con-
sequen ly, de elope s o i ual objec s o en ied o p e en
eselling. By acking he o igin o i ual goods and es ablish-
ing blockchain-based chains o cus ody, de elope s in addi ion
o eselle s can p o i om pee - o-pee esales o i ems. I
i ual objec s a e subjec o ne wo k e ec s such as upg ades,
his can inc ease de elope s’ p o i s and consume s’ su plus, as
esale abili y jus i ies highe ini ial sales p ices. Fu he mo e,
he au ho s desc ibe esale e enue-sha ing op ions.
Oppo uni y 7: T us inuse s
Tan and Sa aniemi (2022) desc ibe how blockchain p o ides
mul i-sided pla o m use s he us ha he p oduc s hey
buy exis and ha he selle legally owns hem.
Choi e al. (2020b) s a e ha bo h use au hen ica ion and
s o ing use con ibu ion da a ia blockchain add ess ake
in o ma ion issues and inc ease da a analy ics accu acy on
pla o ms.
Ying e al. (2018) discuss use s’ conce ns abou sha ing
pe sonal da a when au hen ica ing hemsel es on pla o ms,
which is ele an o many mul i-sided pla o m business
models. Blockchain allows use s o au hen ica e “wi hou
disclosing any sensi i e in o ma ion” (p. 3).
Oppo uni y 8: T us inaudi
Tan and Sa aniemi (2022) analyze inc eased anspa ency
o in es o s when audi ing blockchain-suppo ed mul i-
sided pla o ms. On-chain go e nance allows o audi o
c i ical ea u es o mul i-sided pla o m business models in
eal- ime and o “ale in es o s abou some isky blockchain
p ojec s ha ail o sa is y he mechanisms enabling us in
blockchain exchange” (p. 24).
Challenge 4: Da a secu i y
Zacha iadis e al. (2019) desc ibe open, blockchain-sup-
po ed pla o ms wi h high anspa ency ega ding pe -
o med ansac ions. While hese pla o ms enable, e.g.,
s eamlined audi s, inhe en anspa ency can be a challenge
i supe io le els o da a p i acy a e equi ed.
Simila ly, Schmeiss e al. (2019) aise he conce n ha
use s may a oid blockchain-suppo ed mul i-sided pla -
o ms i hey ea ha sensi i e da a is anspa en ly s o ed
on blockchain, making i isible o compe i o s.
Challenge 5: Pla o m p o i abili y
Liu e al. (2021) analyze decisions o o agains blockchain-
based p oduc quali y disclosu e in mul i-sided pla o m con-
ex s. They desc ibe how use s’ decisions depend on he cos
di e ences be ween blockchain adop ion and ex-pos in o -
ma ion disclosu e. The au ho s ind no gene al ad an age
o blockchain disclosu e. Howe e , hey desc ibe po en ial
scena ios in which “an inc ease in blockchain adop ion u -
he ha ms he pla o m’s payo (…). The eason is ha a
la ge e o cos leads o low-quali y anspa ency, esul ing
in ine ec i e se ice e o le el and sales commission” (Liu
e al., 2021, p. 3592).
Challenge 6: Co ec abili y andmode a ion
Zacha iadis e al. (2019) explain ha while blockchain-
suppo ed pla o ms can educe he isk o a cen al sys em
ailu e, his does no apply o sma con ac s. In he case o
e oneous sma con ac design, such as o s anda dized
pla o m p ocesses, no lexible adjus men op ions exis . In
hei analysis o mul i-sided pla o m go e nance, he au ho s
conclude ha “ he in-p inciple e iciencies ha could be
achie ed in p ocessing sma con ac s ha e ye o be eal-
ized in a way ha would gi e egula ed bodies […] he con-
idence o adop DLT [dis ibu ed ledge echnology] whole-
sale ac oss hei business” (Zacha iadis e al., 2019, p. 115).
Fu he mo e, hey highligh isks o hea y misconduc when
loopholes exis in he code o sma con ac - un pla o ms.
Technical a chi ec u e ea u e o blockchain
The las ea u e encompasses blockchain-based echnical
a chi ec u e. Cen alized mul i-sided pla o ms consis o a
da a a chi ec u e and solu ion amewo k wi h di e en se -
ice laye s. The echnical a chi ec u e o hese pla o ms is
cha ac e ized by p op ie a y da a in as uc u es like cen al
da abases (Pe ei a e al., 2019), and by se ices o wo k lows
Elec onic Ma ke s (2025) 35:25 25 Page 18 o 26
ha a e, while o en au oma ed, easily modi iable by he
pla o m o ches a o o o he au ho ized ac o s (Ma & Hu,
2022; Tan & Sa aniemi, 2022).
Pe ei a e al. (2019) and Zacha iadis e al. (2019) ind ha
blockchain-suppo ed pla o m a chi ec u e di e s subs an-
ially om cen alized a chi ec u e. Blockchain a ec s dis-
ibu ed da a access, s o ing and e i ica ion, and he po en ial
in eg a ion o sma con ac s. Al (2020a) con as s cen al-
ized wi h blockchain-suppo ed a chi ec u es and highligh s
po en ial di e ences in pla o ms’ on end, back end, and
node s uc u es. Blockchain-suppo ed a chi ec u es a e
cha ac e ized by di e ences ega ding, e.g., cos econom-
ics, e iciency dynamics, and echnical equi emen s (Cong
e al., 2022; Mu ay e al., 2021; Schmeiss e al., 2019). Nex ,
we concisely desc ibe indings ega ding wo oppo uni ies
and wo challenges o blockchain in he ield o echnical
a chi ec u e.
Oppo uni y 9: P ocess e iciency
Shi e al. (2021) use he example o he Xbox pla o m’s block-
chain applica ions o illus a e how blockchain can dec ease he
manual e o and ope a ional cos s o paymen p ocesses. The
blockchain solu ion “seamlessly connec s all c ea o s, de elop-
e s and au ho s and enhances hei expe ience by enabling as ,
ic ionless paymen ” (Shi e al., 2021, p. 13).
Ying e al. (2018) ind imp o ed ope a ional e iciency
and use expe ience when in oducing c yp ocu encies o
paymen s on a pla o m.
Oppo uni y 10: Da a analy ics
Choi e al. (2020b) desc ibe how blockchain-s o ed da a
leads o new me hods o da a analysis. The pe manen
na u e o da a eco ds can enhance hei collec ion and
e aluabili y. Blockchain can add ess p oblems o missing
da a o da a islands and a oids biased da a which can esul
om censo ing ac i i ies o cen alized pla o ms.
Challenge 7: Scalabili y
Zacha iadis e al. (2019) desc ibe low-capaci y o block-
chain-suppo ed pla o ms o pe o m high numbe s o
ansac ions. They s a e ha alida ion p ocesses su e om
“scalabili y issues [a e] due o lack o consensus and go e n-
ance s uc u es” (Zacha iadis e al., 2019, p. 115).
Challenge 8: Technical skills anddeb
Schmeiss e al. (2019) posi ha complemen o s migh
hesi a e o join a blockchain-suppo ed pla o m as hese
can c ea e subs an ial lock-in e ec s a chi ec u e-wise. Fu -
he mo e, hey desc ibe ha blockchain-based echnical
a chi ec u e equi es new capabili ies o complemen o s
like de elope skills, s anda ds, and in e aces.
Discussion
P e ious esea ch published in Elec onic Ma ke s has
in es iga ed he po en ial and limi s o blockchain o digi al
and elec onic ma ke s’ business models (Al , 2020a; Hein
e al., 2020). Blockchain may enable undamen al changes
in mul i-sided pla o m ma ke s, whe e i could eplace
he us ed in e media y ole o cen al o ches a o s (Al ,
2020a; Zacha iadis e al., 2019). While blockchain-suppo ed
pla o ms a e desc ibed as p omising, we s ill need o know
mo e abou he echnology’s conc e e impac , o example,
i s inhe en oppo uni ies and challenges (Laci y, 2022). We
pe o m a de elopmen al li e a u e e iew o induc i ely
in es iga e indings om a selec ed sample o 27 a icles.
Fi s , we de ine a esea ch amewo k o ou analysis ha
accoun s o he di e ences in de ail and echnical speci i-
ca ions o he analyzed a icles. We ind ha di e en ia ing
cen alized om blockchain pla o ms is oo abs ac . Mani-
es a ions o blockchain ea u es in a pla o m se ing can ake
qui e di e en shapes. Ra he han assuming a uni o m block-
chain pla o m design, we de ine go e nance- ela ed and ech-
nological blockchain ea u es ha pla o ms can adop . While
en i ely cen alized and en i ely blockchain-based pla o ms
exis , pla o ms can also adop di e en se s o bo h cen al-
ized and blockchain-suppo ed designs. We e e o hese as
blockchain-suppo ed mul i-sided pla o ms. Consequen ly,
we ocus ou analysis on he impac o dis inc blockchain ea-
u es by so ing he di e en indings o ou li e a u e e iew
in o modula ca ego ies wi h he same le el o abs ac ion.
Second, we induc i ely de elop 18 concep ual ca ego ies
desc ibing he di e en mani es a ions o blockchain ea u es’
impac on mul i-sided pla o ms. We iden i y en oppo uni ies
indica ing blockchain’s po en ial o enable new unc ionali ies
and sol e exis ing challenges compa ed o cen alized pla -
o ms. We iden i y eigh new challenges, p o iding a nuanced
pic u e o he po en ial o blockchain in mul i-sided pla o ms.
Wi hin blockchain-suppo ed mul i-sided pla o ms, all o
only a selec ed se o hese oppo uni ies and challenges can
apply. Emphasizing his modula ea u e-based cha ac e o
ou indings, we answe he ques ion which oppo uni ies and
challenges o blockchain impac mul i-sided pla o ms.
Con a y e ec s be weenblockchain oppo uni ies
andchallenges
We ex end ou indings by highligh ing mu ual and some-
imes con a y e ec s be ween oppo uni ies and challenges
o blockchain o mul i-sided pla o ms. Fo example, in
ou analysis sec ionwe ind e idence ha decen alized
Elec onic Ma ke s (2025) 35:25 Page 19 o 26 25
decision-making can subs an ially imp o e he engagemen
o complemen o s, as hey a e in eg a ed in o pla o m
go e nance, enabling ai alue cap u e (Chod e al., 2021;
Saada mand e al., 2019). Then again, such decen aliza ion
may p esen p o ound challenges ega ding he e ec i eness
and quali y o decision-making p ocesses wi hin pla o ms
(Tsoukalas & Falk, 2020; Zhao e al., 2022). We iden i y wo
blockchain-suppo ed oppo uni ies o imp o e he incen i i-
za ion o use g oups. Howe e , such a posi i e e ec may
be impeded by cen alized incumben s losing incen i es on
decen alized pla o ms. By syn hesizing he 18 oppo u-
ni ies and challenges (see “S ep 8: Resul o mula ion and
p esen a ion”), we isualize ha po en ially con a y e ec s
o oppo uni ies and challenges a e iden i iable wi hin all
ou blockchain ea u es (Fig.7).
We nex analyze h ee ele an decen alized pla o ms
in sho case s udies u ilizing ou amewo k o blockchain
oppo uni ies and challenges o mul i-sided pla o ms (Fig.6).
These indings, de i ed om expe and academic li e a u e
(see “S ep 8: Resul o mula ion and p esen a ion”), isualize
how oppo uni ies and challenges o blockchain ea u es can
s i e agains each o he wi hin speci ic pla o m se ings.4
Case 1: S eemi
S eemi is a decen alized social media pla o m o c ea ing
and sha ing con en like blog pos s, ounded in 2016 (Li
& Palanisamy, 2019). I ope a es a wi ness g oup o 21
membe s ac ing as a go e nance boa d ha use s elec . The
pla o m issues di e en ypes o ewa ds o p oduce s,
cu a o s, and au ho s, which a e alloca edby a complex
o ing mechanism (“Oppo uni y 4: Plu ali y o incen i es”)
(Li & Palanisamy, 2019). Based on he weigh ed o ing o
use s, which is p opo ional o he numbe o sha es held
by a use , con en s a e anked, and p oduce s a e ewa ded
(“Oppo uni y 3: Token incen i iza ion”) (Li & Palanisamy,
2019). This mechanism incen i izes he c ea ion o
high-quali y con en (“Oppo uni y 2: Complemen o
engagemen ”) (Zucke mann & Rajend a-Niccoluci, 2020).
These oppo uni ies a e con as ed by challenges oo ed
in he pla o m’s blockchain design. S eemi has seen cam-
paigns o dominan sha eholde s ying o use hei ma ke
powe , which is sus ained by weigh ed o ing mechanisms,
o de elop he pla o m owa d hei p e e ences. This
includes sys ema ically con olling he g oup o wi nesses,
he use o p oxy elec o s, and he o ming o alue- ans e
ne wo ks be ween wi nesses and sha eholde s (“Challenge 1:
Decision-making quali y,” “Challenge 2: Decision-making
lexibili y,” and “Challenge 3: Incumben s and e o playe s”)
(Zucke mann & Rajend a-Niccoluci, 2020). These go e n-
ance issues, combined wi h he pla o m’s alue p oposi ion
o ha ing a solid censo ship and con en mode a ion esis -
ance, ha e c ea ed se e al incidences o use misbeha io ,
including he use o bo s ha aud ully p omo e low- alue
con ibu ions (“Challenge 6: Co ec abili y and mode a-
ion”) (Biggs, 2018; Li & Palanisamy, 2019).
Case 2: Mas odon
Mas odon, ounded in 2016, is a blockchain-based mic o-
blogging pla o m simila o X. A signi ican ea u e o he
pla o m is he abili y o use s o es ablish decen al heme-
based ins ances, which has led o an ac i e ecosys em a ound
bo h adminis a o s and use s (“Oppo uni y 2: Complemen-
o engagemen ”) (Raman e al., 2019). In he pas , he pla -
o m pa icula ly bene i ed om con o e sies a ound i s
cen alized pendan X, leading empo a ily o s ong use
g ow h (Wang e al., 2024).
Go e nance
Oppo uni ies o imp o e/enable …Challenges ega ding…
Decision-
making
Incen i-
iza ion
T us
Technology
Blockchain ea u es
Decen alized decision-making can enable
imp o ed pla o m pe o mance (O1) and
complemen o engagemen (O2), …
bu
… may imply challenges o quali y (C1) and
lexibili y (C2) o decision-making p ocesses.
Blockchain can enable incen i iza ion wi h
okens (O3) and o he means (O4), …
… exis ing incumben s and e o playe s can
hinde decen aliza ion o p o ec cu en ly
ad an ageous ma ke posi ion (C3).
Blockchain can inc ease he us in pla o ms'
p oduc s (O5), ansac ion p ocesses (O6),
use s (O7), and audi ing (O8), …
… co esponding mechanisms may ep esen
a challenge o da a secu i y (C4), pla o m
p o i abili y (C5), and co ec abili y (C6).
Technical a chi ec u e o blockchain can
enable imp o ed pla o m p ocesses (O9) and
new ways o da a analy ics (O10), …
… he e may exis challenges ega ding
pla o m scalabili y (C7) and equi ed
echnical skills (C8).
Technical
A chi ec-
u e
Fig. 7 Compa ison o oppo uni ies and challenges o blockchain o mul i-sided pla o ms (summa y)
4 S eemi , Mas odon, and T adeLens unde wen modi ica ions in
many aspec s o hei business models in di e en phases o hei
ope a ions. The lis ed aspec s may ha e been changed o a e applica-
ble only du ing speci ic ime ames.
Elec onic Ma ke s (2025) 35:25 25 Page 20 o 26
On he o he hand, he pla o m has seen signi ican ou -
ages o echnical ins ances, e.g., when use s mig a ed in la ge
numbe s om cen alized compe i o s o Mas odon (“Chal-
lenge 7: Scalabili y”) (Raman e al., 2019; Yo k, 2022).
The pla o m’s go e nance model hinde s as eac ion and
coo dina ion o sol e such ins ances leading o a dec ease in
use ac i i y (Raman e al., 2019; Wang e al., 2024). Nex
o echnical challenges, he pla o m go e nance gene ally
appea s oo in lexible o adap o g owing use numbe s and
o keep hem mo i a ed o pa icipa e on he pla o m (“Chal-
lenge 1: Decision-making quali y,” “Challenge 2: Decision-
making lexibili y”) (Raman e al., 2019; Wang e al., 2024).
Such issues include ensu ing su icien con en mode a ion as
equi ed by, e.g., Eu opean egula ions (“Challenge 6: Co -
ec abili y and mode a ion”) (Yo k, 2022). These challenges,
as well as he “es ablished communi ies and clea audience
engagemen on Twi e , p o ed oo signi ican o o e come”
o Mas odon o become a ull- ledged al e na i e o cen al-
ized mic oblogging pla o ms (“Challenge 3: Incumben s and
e o playe s”) (Wang e al., 2024).
Case 3: T adeLens
In he case o T adeLens, indus y incumben s Mae sk and
IBM ied o c ea e a global blockchain-suppo ed pla o m
in he logis ics sec o om 2018 onwa ds (Tan & Sa a-
niemi, 2022). Despi e heo e ical ad an ages o many use s,
including compe i o s o Mae sk, he pla o m shu down
in 2022 because o insu icien use accep ance (Jo ano ic
e al., 2022; Mae sk, 2022). Expec a ions ega ding he pla -
o m's alue con ibu ion we e immense.
T adeLens aimed o op imize he asse u iliza ion o use s
(“Oppo uni y 1: Pla o m pe o mance”) and o p o ide a
a ie y o incen i es o di e en use g oups (“Oppo u-
ni y 4: Plu ali y o incen i es”) (Jo ano ic e al., 2022).
Fo he la e , a cus ome ad iso y boa d was implemen ed
and asked o align he di e se in e es s o complemen o s
(“Oppo uni y 2: Complemen o engagemen ”) (Jo ano ic
e al., 2022). The pla o m's design p inciples ied o enable
ecosys em le e age and ne wo k e ec s in a ma ke lacking
hese p e iously. Fu he mo e, he blockchain design o he
Go e nance
Oppo uni ies oimp o e/enable… Challenges ega ding…
Complemen o
engagemen
Decision-making
quali y
Decision-making
lexibili y
Decision-
making
O1 O2 C1 C2
P ocesse iciency Da a analy ics Scalabili y Technical
skills &deb
O9 O10C7 C8
Pla o m
pe o mance
O1
T us in audi
Token
incen i iza ion
Plu ali y
o incen i es
Incumben s and
e o playe s
O3 O4
O8
C3
Incen i-
iza ion
T us in use s
T us in p oduc o
se icequali y
T us in ansac ion
p ocesses Da a secu i yPla o m
p o i abili y
O5 O6
O7
C4 C5
Co ec abili y &
mode a ion
C6
T us
Technology
Blockchain ea u es
P
l
a
o
m
pe
o
m
ance
O
1
T
us
i
n
a
u
d
i
O
8
T
us
i
n
u
s
e
s
T
us
i
n
p
o
d
u
c
o
se
i
c
e
q
q
u
a
l
i
y
y
T
us
i
n
a
n
s
ac
io
n
p
oc
p
e
s
s
es
O
5
O
6
O
7
P
oc
e
s
s
e
i
c
i
e
n
c
y
Da a
a
n
a
l
y
i
c
s
O
9
O
1
0
S
calabi
l
i
y
Te
c
h
n
i
c
a
l
s
k
i
l
l
s
&
d
e
b
C
7
C
8
D
a a se
c
u
i
y
P
l
a
o
m
p
o
i
ab
i
p
l
i
y
y
C
4
C
5
Techn.
A ch.
No e: Technical A chi ec u e
Fig. 8 F amewo k o blockchain oppo uni ies and challenges o S eemi
Go e nance
Oppo uni ies oimp o e/enable… Challenges ega ding…
Compl
No e: Technical A chi ec u e
emen o
engagemen
Decision-making
quali y
Decision-making
lexibili y
Decision-
making
O1 O2 C1 C2
P ocesse iciency Da a analy ics Scalabili y Technical
skills &deb
O9 O10C7 C8
Pla o m
pe o mance
O1
T us in audi
Token
incen i iza ion
Plu ali y
o incen i es
Incumben s and
e o playe s
O3 O4
O8
C3
Incen i-
iza ion
T us in use s
T us in p oduc o
se icequali y
T us in ansac ion
p ocesses Da a secu i y Pla o m
p o i abili y
O5 O6
O7
C4 C5
Co ec abili y &
mode a ion
C6
T us
Blockchain ea u es
P
l
a
o
m
pe
o
m
ance
O
1
T
us
i
n
au
d
i
O
8
T
us
i
n
u
s
e
s
T
us
i
n
p o
d
u
c
o
se
i
c
e
q
q
u
a
l
i
y
y
T
us
i
n
a
n
s
ac
io
n
p oc
p
e
s
s
es
O
5
O
6
O
7
To
k
en
in
c
e
n
i
i
z
a
io
n
P
l
u
a
l
i
y
o
in
c
e
n i e
s
O
3
O
4
P
oc
e
s
s
e
i
c
i
e
ncy
Da a
a
n
al
y
i
c
s
O
9
O
10
T
e
c
h
n
i
c
al
s
k
i
ll
s
&
deb
C
8
D
a a se
c
u
i
y
P
l
a
o
m
p
o
i
ab
i
p
l
i
y
y
C
4
C
5
Technology Techn.
A ch.
Fig. 9 F amewo k o blockchain oppo uni ies and challenges o Mas odon
Elec onic Ma ke s (2025) 35:25 Page 21 o 26 25
pla o m p omised o enable an e icien da a exchange o
complemen o s (“Oppo uni y 9: P ocess e iciency”), o
in eg a e isibili y and immu abili y in o ansac ion p o-
cesses, o c ea e us be ween complemen o s (“Oppo uni y
6: T us in ansac ion p ocesses”), o es ablish a smoo h
and us ul compliance p ocess (“Oppo uni y 8: T us in
audi ”), and o allow “digi izing ade documen a ion, s uc-
u ing da a pipelines, enabling eal- ime in o ma ion, and
au oma ing mul i-pa y in e ac ions” (“Oppo uni y 10: Da a
analy ics”) (Jo ano ic e al., 2022, p. 6).
F om he beginning, incumben s and o he ma ke pa -
icipan s we e hesi an o join a pla o m ha was de eloped
by a cu en compe i o (“Challenge 3: Incumben s and e o
playe s”), among o he s, due o he ea ha using he block-
chain in as uc u e could enable o he s o access business-
sensi i e p op ie a y da a (“Challenge 4: Da a secu i y”)
(Jo ano ic e al., 2022). The cus ome ad iso y boa d could
no add ess his issue acco dingly. P ojec pa icipan s men-
ioned an i econcilable ension be ween adequa ely add ess-
ing he conce ns o complemen o s, which would, e.g., ha e
equi ed p o iding hem wi h e o igh s and he lexibili y
o an e ec i e go e nance s uc u e (“Challenge 2: Deci-
sion-making lexibili y”) (Cece e, 2022).
Las ly, po en ial use s we e de e ed by he la ge nec-
essa y in es men cos s equi ed o adop decen alized
echnical in as uc u e (“Challenge 8: Technical skills and
deb ”) (Cece e, 2022). All hese challenges esul ed in he
pla o m ailing o con ince su icien use s and o o e come
he chicken-egg challenge (Culo e al., 2024).
Analyzing he h ee decen alized pla o ms wi h he
means o ou amewo k p o ides wo majo insigh s. Fi s ,
he analysis makes e en mo e isible ha he iden i ied
blockchain oppo uni ies and challenges dynamically a ec
each o he in speci ic pla o m con ex s wi hin and ac oss
ea u e ca ego ies. When assessing he impac o block-
chain on an indi idual pla o m, one needs o look a he
espec i e applica ions and modes o ope a ions o hese
ea u es indi idually. Challenges do no necessa ily need
o apply in e e y se ing, o hey may be add essable wi h
speci ic blockchain designs. A he same ime, he po en ial
oppo uni ies do no au oma ically apply by he pu e use
o blockchain ea u es bu ins ead equi e a hough -ou
applica ion. By combining heo e ical explana ions, pas
empi ical indings, and p ac ical examples, we conclude
ha blockchain does no en i ely sol e he challenges o
cen alized pla o ms bu may subs an ially imp o e el-
e an a eas (Webs e & Wa son, 2002). Simul aneously,
we highligh new challenges associa ed wi h blockchain-
suppo ed mul i-sided pla o ms, aiming o explain he
gul be ween hei an icipa ed po en ial and hei cu en ly
limi ed success in p ac ice (Walsh e al., 2021; Webs e &
Wa son, 2002).
Second, we ind an excellen i o ou concep ual ame-
wo k (Fig.6) o add ess and inco po a e he oppo uni ies
and challenges de i ed om analyzing he S eemi , Mas a-
don, and T adeLens cases. Ou amewo k’s modula , ea-
u e-based cha ac e p o es help ul in cap u ing he di e ing
con igu a ions o he analyzed cases.
Gaps inli e a u e and u u e esea ch
A li e a u e e iew should iden i y c i ical knowledge gaps
(Webs e & Wa son, 2002). Ou nume ical analysis o 49
indings om 27 a icles p o ides e idence ha he e is a
s ong ocus o p io esea ch on go e nance issues, oppo -
uni ies o blockchain, and i s us ea u e (see Fig.11).
Based on his analysis and he h ee p io sho case s ud-
ies (see “S ep 8: Resul o mula ion and p esen a ion”), we
i s encou age u u e esea ch ocusing on he echnical
implica ions o blockchain o pla o ms. Di e en om
ea lie expec a ions o , e.g., Laci y (2022), ou analysis
shows ha a su p ising gap exis s in his ield. In such
Go e nance
Oppo uni ies o imp o e/enable …Challenges ega ding…
Complemen o
engagemen
Decision-making
quali y
Decision-making
lexibili y
Decision-
making
O1 O2 C1 C2
P ocess e iciency Da a analy ics Scalabili y Technical
skills &deb
O9 O10C7 C8
Pla o m
pe o mance
O1
T us in audi
Token
incen i iza ion
Plu ali y
o incen i es
Incumben s and
e o playe s
O3 O4
O8
C3
Incen i-
iza ion
T us in use s
T us in p oduc o
se icequali y
T us in ansac ion
p ocesses Da a secu i y Pla o m
p o i abili y
O5 O6
O7
C4 C5
Co ec abili y&
mode a ion
C6
T us
Blockchain ea u es
De
c
i
s
i
on
-
m
a
ki
n
g
q
u
al
i
y
y
C
1
T us
i
n
u
s
e
s
T
us
i
n
p
o
d
u
c
o
se
i
c
e
q
q
u
al
i
y
y
O
5
O
7
T
o
k
e
n
in
c
e
n i
i
z
a i
on
O
3
P
l
a
o
m
p
o i ab
i
p
l
i
y
y
C
5
C
o
e
c
abi
l
i
y
&
m
od
e
a
i
o
n
C
6
S
calab
i
l
i
y
C
7
Technology Techn.
A ch.
No e: Technical A chi ec u e
Fig. 10 F amewo k o blockchain oppo uni ies and challenges o T adeLens
Elec onic Ma ke s (2025) 35:25 25 Page 22 o 26
con ex , we ecommend u u e esea ch a a lowe le el o
abs ac ion, o example, con as ing di e en consensus
mechanisms o compa ing public and p i a e blockchains
ega ding hei applicabili y in pla o m con ex s. Mainly
bu no exclusi ely o such echnical aspec s, we p opose
esea ch ha expands he analysis beyond pee - e iewed
jou nals o unco e addi ional insigh s and pe spec i es,
e.g., using g ey li e a u e.
Then, we pe cei e u u e esea ch o in es iga e he
nuanced aspec s o blockchain ea u es wi h a s onge
ocus on po en ial challenges, such as blockchain-sup-
po ed decision-making, as auspicious. Fields such as
sma con ac s and hei po en ial ad e se e ec s ega d-
ing anspa ency o limi ed co ec abili y and mode a ion
o con en s dese e mo e a en ion and could spa k p omis-
ing esea ch.
Las , ou case-based analysis p o ides e idence ha
con a y impac s be ween oppo uni ies and challenges o
blockchain a e a signi ican ac o in assessing he ech-
nology’s impac . Cu en ly, mos esea ch, including ha
unde lying his li e a u e e iew, ocuses on he ho ough
analysis o indi idual ea u es, oppo uni ies, o chal-
lenges. Ou indings in i e mo e esea ch on he in e ac ions
be ween di e en elemen s, p o iding a holis ic analysis o
he impac o blockchain on mul i-sided pla o ms.
Con ibu ion
Ou esul s con ibu e in h ee ways o he mul i-sided pla -
o m li e a u e. Fi s , we p o ide he cu en s a e o knowl-
edge ega ding oppo uni ies and challenges o blockchain
o pla o ms by summa izing 49 indings om a anspa -
en ly selec ed sample o 27 a icles. We induc i ely syn he-
size he conc e e mechanisms o ou blockchain ea u es
o de ine 18 oppo uni ies and challenges o pla o ms.
By choosing a de elopmen al li e a u e e iew design, we
gene a e o e a ching insigh s based on a icles ha apply
a ious me hods and analyze di e en blockchain designs.
Ou wo k ac s as a con empo a y knowledge base s uc u -
ing scien i ic esea ch a he in e ace o blockchain and
mul i-sided pla o ms, c ea ing anspa ency in a de eloping
esea ch a ea, and p o iding insigh s in o p omising u u e
esea ch.
Second, ou wo k goes beyond syn hesizing p e ious
esea ch and p o ides a well- ounded concep ual amewo k
o he impac o blockchain on mul i-sided pla o ms. The
amewo k ca es ou he ea u e-based s uc u e o block-
chain-suppo ed pla o ms and sheds ligh on he dynamic
and po en ially con a y e ec s o he iden i ied oppo uni ies
and challenges. While we ag ee wi h o he au ho s on he
po en ial posi i e impac s blockchain can ha e on mul i-sided
Go e -
nance
Complemen o
engagemen
Decision-making
quali y
Decision-making
lexibili y
Decis.
Mak.
O1 O2 C1 C2
Pla o m
pe o mance
O1
T us in audi O8
Inc.
T us in use s
O7 Co ec abili y &
mode a ion
C6
T us
Tech-
nology
Token
incen i iza ion
Plu ali y
o incen i es
Incumben s and
e o playe s
O3 O4 C3
T us in p oduc o
se ice quali y
T us in ansac ion
p ocesses Da a secu i y Pla o m
p o i abili y
O5 O6 C4 C5
P ocess e iciency Da a analy ics Scalabili y Technical
skills & deb
O9 O10C7 C8
2
4 4
1
534
8521
11
3
21 1 1
49
indings o e all
34 indings ela ed ooppo uni ies 15 indings ela ed o challenges
11 indings ela ed o
Decision Making,
he eo 54,6% a e
oppo uni ies
12 indings ela ed o
Incen i iza ion, he eo
66,7% a e oppo uni ies
21 indings ela ed o
T us , he eo 81% a e
oppo uni ies
5 indings ela ed o
Technology, he eo
60% a e oppo uni ies
10,2% o indings
ela ed oTechnology
ea u es
89,8% o indings
ela ed oGo e nance
ea u es
Techn.
A ch.
No e: Technical A chi ec u e
Fig. 11 Nume ical analysis o ea u es, oppo uni ies, and challenges
Elec onic Ma ke s (2025) 35:25 Page 23 o 26 25
pla o ms, we elucida e bo h posi i e and nega i e po en ial
impac s o blockchain. Taking hese aspec s oge he , we con-
cep ually shed ligh on he mul i- ace edness o oppo uni ies
and challenges o blockchain o mul i-sided pla o ms.
Las , ou li e a u e e iew is aluable o pla o m
p ac i ione s. We add ess he issue o esis ance om
execu i es ega ding blockchain adop ion by analyzing h ee
case s udies o ele an decen alized pla o ms (Walsh e al.,
2021). Ou indings p o ide p ac i ione s wi h a s a ing
poin when conside ing he applica ion o blockchain
ea u es and o e anspa ency abou blockchain's po en ial.
Ou amewo k can ac as a empla e o p o ide insigh s in o
which blockchain ea u es may be alue-adding o pa icula
ci cums ances. This can inc ease execu i es' unde s anding
o he ele ance and impac o speci ic blockchain ea u es
o hei pla o ms, hus add essing ini ial esis ance o he
echnology.
Limi a ions
As wi h any scien i ic s udy, his li e a u e e iew has ine i-
able limi a ions. Fi s , while ou app oach o iden i ying el-
e an a icles is based on he anspa en , ep oducible, and
obus p ocess o Templie and Pa é (2015) and Wol swinkel
e al. (2013), he e ine i ably emains he isk o any selec-
ion p ocess po en ially excluding wo k om ou analysis
(Templie & Pa é, 2015). While we ocus consciously on
pee - e iewed academic a icles, his can imply e.g., exclud-
ing g ey li e a u e, which has he po en ial o unco e addi-
ional insigh s and pe spec i es.
Second, we only analyze a icles published in jou nals
wi h an SJR a ing o 2.75 o abo e. While he eason we
did so was o ensu e academic quali y, a highe (lowe ) cu -
o would ha e esul ed in mo e selec i e (comp ehensi e)
analysis co e age.
Las , while he p oposed amewo k o blockchain ea-
u es enables clea , gene alizable, and meaning ul insigh s,
an al e na i e design, such as di e en ia ing a ious block-
chain ypes, could o e addi ional le els o analysis.
Conclusion
Decen alized, blockchain-suppo ed mul i-sided pla o ms
ha e he po en ial o add ess he sho comings and chal-
lenges o cen alized pla o ms. We in es iga e he mul i-
aced aspec s o his po en ial h ough a de elopmen al
li e a u e e iew. Ou esea ch design allows o syn hesize
a icles wi h di e se me hodological and hema ic back-
g ounds, enabling unique insigh s in o he cu en s a e o
esea ch. Ins ead o assuming a uni o m blockchain pla o m
design, we ind ha pla o ms can modula ly adop block-
chain ea u es in ou o e a ching ca ego ies.
When in es iga ing he impac o blockchain on mul i-
sided pla o ms, we induc i ely iden i y en oppo uni ies
and eigh challenges. The eupon, we de elop a concep ual
amewo k o pla o ms u ilizing go e nance and echnol-
ogy ea u es o blockchain. While we can con i m ea lie
indings on blockchain's po en ially posi i e impac s on
mul i-sided pla o ms, ou esea ch design enables us o
highligh mu ual and some imes con a y e ec s be ween
he iden i ied oppo uni ies and challenges. This way, we
p o ide an explana ion o he gul be ween he an icipa ed
po en ial o blockchain-suppo ed mul i-sided pla o ms
and hei limi ed obse ed success. Las , we show ha
p e ious esea ch has ocused, among o he s, on go e n-
ance designs and ha u he ele an aspec s, including
he echnical implica ions o blockchain, dese e mo e
a en ion.
Ou esul s con ibu e o in o ma ion sys ems li e a u e by
p o iding a cu en s a e o knowledge abou he impac o
blockchain on mul i-sided pla o ms, unco e ing he mul i-
aced and some imes con a y aspec s o blockchain's impac
wi h he means o a concep ual amewo k, and sha pening
execu i es’ unde s anding o he ele ance and impac o
echnological and go e nance blockchain ea u es.
Supplemen a y In o ma ion The online e sion con ains supplemen a y
ma e ial a ailable a h ps:// doi. o g/ 10. 1007/ s12525- 025- 00765-z.
Funding Open Access unding enabled and o ganized by P ojek
DEAL.
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