Universal wallets and their value in blockchain solutions

As blockchains proliferate, several implementations have raised attention by illustrating new affordances and opportunities for blockchain to potentially assume a key role in our society. Such opportunities are the background for the research described in this PhD thesis. So far the research has resulted in four research articles, each focusing on a current or potential use of blockchains with the aim of analyzing the elements in these blockchain solutions used for value creation and putting these findings into perspective. These findings contribute to knowledge of the functionalities found in the emergent field of blockchain systems and their use.
In this PhD thesis I ask the overarching research question: How do blockchain functionalities enable new forms of value creation? This research question is the result of my working hypothesis that there are such specific functionalities expressed in blockchain systems. The individual research questions raised in the four articles contribute to answering this overarching question.
This PhD thesis operates on two levels. At the top level the findings in these four articles document specific instances of blockchain applications that illuminate the complex blockchain universe with the aim of creating an understanding of how to utilize and benefit from these inherent complexities. At the basis level, through each of four articles, we research an aspect of application of blockchain systems. Based on data from systematic literature reviews, I developed a taxonomic approach both for universal wallets and for central bank digital currencies (CBDCs). These reviews as well as searches in official reports provided insight and relevant attributes for each subject area to clarify the concepts and improve understanding. In particular, we discuss the universal wallet as an entity that may be a tool for the bearer of the wallet or that may develop into an autonomous entity.
In the last article, “Innovation through Decentralized Business Models,” we developed a research model of the dynamic capabilities and innovation diffusion perspectives based upon a quite large dataset of industry’s experiences with blockchain. Among the conclusions in this article a key finding is that there is a strong link between organizational innovativeness, economies of decentralization, and top management’s awareness and understanding of blockchain.
The articles presented here are among the first peer-reviewed articles in their categories. The findings fit well into similar findings in other areas of blockchain research and shed light on major opportunities for use. They also expose a number of challenges that need to be considered so that these solutions can bring immediate as well as future societal and individual benefits as the transformative potential of blockchain systems are realized. The four articles provide documentation for the answer to the research question by delivering specific examples of functionalities made available by blockchain based solutions. In particular, they explore the emergence of the universal wallet, the access mechanism to new systems and the platform for each individual to be in control of all assets. Wallets have the potential to serve not just as tool but potentially as autonomous, proactive agents having agency by themselves. When this comes to fruition it will create all sorts of legal, societal and practical consequences: for example, who is responsible if a wallet decides something wrong? what are the social rules for dealing with autonomous wallets?
Sometimes the argument is raised that any single functionality of such a blockchain solution can be achieved without applying blockchain. Therefore, the argument goes, blockchain does not provide anything special. This argument is countered in this thesis by to the unique group of particular abilities possessed by and characterizing blockchain solutions