A phenomenological study of an emerging financial value ecosystem: based on distributed ledger technology and novel peer to eer game structure

Abstract

The central research issue in this study is the third morphing of economies due to the externally available intelligent building blocks of technology. More specifically, it is anticipated that the widespread use of distributed ledger technology will transform the workings of organisations to such a degree that they will cease to exist in their current form. Hence, the use of distributed ledger technology is not merely a tame management problem; it poses a wicked strategic problem. Furthermore, natural explanations add to the confusion in relation to what managers should do with distributed ledger technology. A transcendental phenomenological attitude is required to transcend the multitude of natural explanations. Phenomenology is both the philosophy and method employed in this study, which questions what human engagement in the world is about. More specifically in this study engagement with distributed ledger technology. This study closes this gap in knowledge by giving an accurate description of the essence of the distributed value ecosystem phenomenon. The study makes a contribution to more coherent and fundamental understanding the essences of the distributed value ecosystem phenomenon is the nature of the relationship patterns that participants hold to distributed ledger technology. The central factual finding is the nature and pattern of these relationships is transactional and circular. The pattern preferred by most organisations is the bounded binary transactional pattern. Organisations seek primarily to have power over the socially complex aspects in transacting. However, the bounded binary transactional pattern may become an unbalanced and unfair value-subtract relationship over time. The response to unbalanced binary bounded value relationships is the unbounded transactional pattern, which gives participants greater autonomy and privacy pseudonymity, but not the transparency that is essential to transact seamlessly. The third value relationship pattern and novel idea presented is the folded value relationship pattern in which participants balance conflicts over socially complex aspects in relation to self and others by meeting narrow micro-level near interaction conditions. This is a more folded, novel strategic game that participants can pick. The key implication for society and organisations is that it presents an alternative approach to dealing with conflict in socially complex value relationships. In essence, with the folded transactional pattern, participants seek to trade up value relationships in relation to self and with others, as opposed to making value relationship trade-offs or sacrifices that lead to either compromises in relation to self or dominance over others. However, the practical managerial implication is truly folded value relationship pattern is not easy to create and is rare.

Umbandela ophambili wophando kwesi sifundo kukuzotywa ngokutsha kwesithathu kwezoqoqosho ngenxa yobukho bezakhi zobuchwepheshe ezinobukrelekrele. Eyona nto ingundoqo yeyokuba kucingelwa ukuba ukusetyenziswa kakhulu kobuchwepheshe bokubhala iingxelo mali buya kuyiguqula indlela asebenza ngayo amaqumrhu, ade ayeke ukusebenza ngale ndlela enza ngayo ngoku. Ukusetyenziswa kobuchwepheshe bokusasaza iingxelo zogcino mali (ngesiNgesi kusetyenziswa isishunqulelo esithi DLT) akuyongxakana nje yolawulo; kuyingxaki enkulu nekhohlakeleyo. Ngaphaya koko, iinkcazelo ezikhoyo zongeza ukubhideka malunga neyona nto emele ukwenziwa ngabaphathi ngobu buchwepheshe bokusasaza iingxelo zogcino mali. Into efunekayo kukusebenzisa indlela yophando ngokuphicotha amava nokufuna ukuqonda indlela acinga ngayo umntu, ngakumbi kumba omalunga nobuchwepheshe bokusasaza iingxelo zogcino mali. Esi sifundo sivala isikhewu solwazi esikhoyo ngokunika inkcazelo echanekileyo ngalo mbandela wokusasazwa kokuxabiseka kwentsebenziswano yendalo nomntu. Esi sifundo sinceda ekuqondeni iziseko zombandela wokusasazwa kokuxabiseka kwentsebenziswano yendalo nomntu neepatheni zolwalamano lwabathathi nxaxheba kwicandelo lobuchwepheshe bokusasaza iingxelo zogcino mali. Eyona nto ingundoqo efumanisekayo kukuba ubume nepatheni yolu lwalamano iquka intsebenziswano yorhwebo kwaye ifana nomjikelo. Ipatheni ekhethwa ngamaqumrhu amaninzi yileyo yentsebenziswano ephakathi kwesibini. Amaqumrhu afuna tanci ukuba nolawulo kwimiba enzima yezentlalo xa erhwebelana. Noxa kunjalo, ipatheni yokurhwebelana ngezibini isenokudala ukungalingani nokuqhathana ngokuhamba kwexesha. Usabelo kulwalamano lwezibini olungenalingano yiphatheni yorhwebelwano olungabekelwanga mida, apho abathathi nxaxheba bekwazi ukuzithathela izigqibo ekhusini bengazichazi ukuba bangoobani, nto leyo inqanda ukusebenza ekuhleni nokufunekayo ekusebenzisaneni ngaphandle kwamagingxigingxi. Ipatheni yesithathu kwixabiso lolwalamano kulapho ulwalamano lusongiwe, apho abathathi nxaxheba belungelelanisa iingxabano ezingemiba yezentlalo enzima ngokufezekisa iimeko ezilula nezincinane. Oku kufana nomdlalo osongeneyo nolicebo lobulumko onokukhethwa ngabathathi nxaxheba. Okubalulekileyo kukuba le yindlela eyenye enokukhawulelana neengxwabangxwaba eluntwini nakumaqumrhu. Eneneni, kwipatheni yentsebenziswano esongeneyo, abathathi nxaxheba bazama ukutshintsha ulwalamano oluphakathi komntu nabanye, endaweni yokuncama izinto ezithile ezinokukhokelela kwilahleko okanye ekonganyelweni ngabanye. Noxa kunjalo, ipatheni yolwalamano olusongeneyo kulwalamano lwabalawuli ayinto ilula kwaye inqabile.

Udaba olungumgogodla walolu cwaningo wukuguquka kwesithathu kweminotho ngenxa yamandla namakhono obuchwepheshe besimanjemane atholakala ngaphandle kwenhlangano. Ngokuqondileyo, kubhekeke ukuthi ukusetshenziswa kakhulu kwe-distributed ledger technology kusiguqule kakhulu isimo-sakhiwo sezinhlangano kanye nendlela ezisebenza ngayo, kangangukuthi zigcine sezingabonakali neze ukuthi zike zaba kulesi simo-sakhiwo ezikusona njengamanje. Ngakhoke ukusetshenziswa kwe-distributed ledger technology akuyona neze inkinga elula futhi abangayixazulula kalula abaphathi; kepha kuyinkinga eyinkimbinkimbi futhi eyimpicabadala okungelula nakancane ukuyixazulula. Ngaphezu kwalokho, izincazelo zemvelo ziyengeza phezu kokudideka okuphathelene nalokho okumele kwenziwe ngabaphathi maqondana ne-distributed ledger technology. Ukuze kudlulelwe ngale kwenqwabanqwaba yezincazelo zemvelo ezikhona kudingeka indlela-kucabanga nendlelakubuka evulekile yokuqonda ulwazi oluphathelene nezimo kanye nezigameko okuhlangatshezwane nazo noma okudlulwe kuzona. Ifenomeloji iyikho kokubili ifilosofi kanye nendlela-kusebenza esetshenzisiwe kulolu cwaningo, okuphonsa umbuzo mayelana nokuthi kuphathelene nani ukuxhumana kanye nokubandakanywa kwabantu emhlabeni, ikakhulukazi maqondana nokubandakanywa okuphathelene ne-distributed ledger technology. Lolu cwaningo luvala igebe lokungabi khona kolwazi ngokuthi lunikeze incazelo enembayo yomongo we-distributed value ecosystem. Ucwaningo luyalekelela futhi lufake isandla ekutholakaleni kokuqonda okuhle nokuhleleke kahle futhi okuyisisekelo komongo we-distributed value ecosystem okungukuthi lokhu kuwuhlobo lwamaphethini obudlelwano obuboniswa ngababambiqhaza maqondana ne-distributed ledger technology. Umphumela osemqoka kakhulu futhi oyiqiniso otholakale ocwaningweni wukuthi ubunjalo kanye nephethini yalobu budlelwano ibandakanya izinhloso zokuzizuzela okuthile futhi okungubudlelwano obusasiyingi. Iphethini encanyelwa yiningi lezinhlangano yi-bounded binary transactional pattern. Izinhlangano zihlose ikakhulukazi ukuba namandla phezu kwezinto ezithile ezinobunkimbinkimbi emphakathini lapho zenza umsebenzi wazo. Kodwa-ke ngokuhamba kwesikhathi i-bounded binary transactional pattern kungenzeka ibonise ubudlelwano obungenakho ukulingana futhi obuchemile obungenabugugu. Impendulo yokubhekana nobudlelwano obungama-unbalanced binary bounded value relationships yi-unbounded transactional pattern, enikeza ababambiqhaza ukukhululeka nokuzimela okukhudlwana kanye nobumfihlo bokuthi bangazidaluli noma baziveze ukuthi bangobani, kodwa-ke lokhu akubanikezi ukusebenza ngendlela esobala okuyinto edingekayo ekusebenzeni ngaphandle kwezihibe. I-third value relationship pattern kanye nomqondo ophusile owethulwayo yi-folded value relationship pattern lapho ababambiqhaza beqinisekisa ukuthi kunokulingana phakathi kokungqubuzana noma udweshu oluphathelene nezinto eziyinkimbinkimbi emphakathini maqondana nabo uqobo kanye nabanye abantu, ngokuthi bahlangabezane nama-narrow micro-level near-interaction conditions. Lokhu kuwumdladlwana ofongqekile wesimanjemanje futhi okhethekile nosemqoka ongasetshenziswa ngababambiqhaza. Umthelela osemqoka walokhu emphakathini nasezinhlanganweni wukuthi lokhu kuhlinzeka ngendlela ehlukile yokubhekana nokungqubuzana nodweshu kubudlelwano obuyinkimbinkimbi emphakathini. Empeleni, ku-folded transactional pattern, ababambiqhaza bahlose ukuthola okungcono kubudlelwano phakathi kwabo bona uqobo lwabo kanye nabanye abantu esikhundleni sokwakha ubudlelwano lapho izinhlangothi zonke zithola ukushintshisana okulinganayo noma ukuzidela okuthile maqondana nobudlelwano, okuyinto eholela ekutheni kube nokuvumelana phakathi kwezinhlangothi okuhambisana nokuzidela komuntu uqobo lwakhe noma-ke ukukhonya phezu kwabanye. Kodwa-ke umthelela walokho oqondene nabaphathi wukuthi akulula neze ukwakha i-folded value relationship pattern yoqobo futhi lokhu kuyivela kancane.