Understanding The Blockchain Using Enterprise Ontology
Blockchain technology is regarded as highly disruptive, but there is a lack of formalization and standardization of terminology. Not only because there are several (sometimes propriety) implementation platforms, but also because the academic literature so far is predominantly written from either a purely technical or an economic application perspective. The result of the confusion is an offspring of blockchain solutions, types, roadmaps and interpretations. For blockchain to be accepted as a technology standard in established industries, it is pivotal that ordinary internet users and business executives have a basic yet fundamental understanding of the workings and impact of blockchain. This conceptual paper provides a theoretical contribution and guidance on what blockchain actually is by taking an ontological approach. Enterprise Ontology is used to make a clear distinction between the datalogical, infological and essential level of blockchain transactions and smart contracts.