How Blockchain Affects the Technological Strategy of the Financial Industry: An Analysis Based on Knowledge Discovery in Text

Marcelo Vighi Fernandes, Jorge Renato Verschoore

Abstract


The main objective of this article is to investigate how blockchain is affecting the technological strategy of the financial industry. We conducted an exploratory study using knowledge discovery in texts, with the support of text mining tools. We collected and analyzed contents of a set of news published on the Web about Blockchain. A total of 2,605 blockchain web news items were extracted from the business media worldwide, such as Forbes, Fortune, Financial Post and Business World. We explored the text dataset using sentiment analysis, opinion mining, text association analysis, and correspondence analysis. The results showed that blockchain technology has the potential to affect the transactions through a common platform. Additionally, the results demonstrated the advantages of blockchain technology for cross-border payment systems. Moreover, it was also verified the alignment of companies’ strategy with the structuring of private blockchains. We elaborate four theoretical propositions that may guide research and help practitioners to identify challenges and opportunities for blockchain technology.


Keywords


Technology Strategy; Blockchain; Financial Industry; Knowledge Discovery in Text; Text Mining

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DOI: https://doi.org/10.24023/FutureJournal/2175-5825/2020.v12i2.498

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