Date of Award

Summer 8-1-2018

Degree Type


Degree Name

Executive Doctorate in Business (EDB)



First Advisor

Lars Mathiassen

Second Advisor

Conrad Ciccotello

Third Advisor

Harold Weston


Blockchain technology could emerge as a disruptive innovation that streamlines financial transactions and attenuates their cost. Therefore, the financial industry must assess the opportunities and challenges presented by the technology. As a grand breakthrough, it could transform financial transactions and introduce new possibilities for established financial institutions as well as for new entrants. At the same time, incumbents and startups need to overcome technological, regulatory, and adoption challenges before blockchain technology can become a mainstream reality. Despite its potential, the literature on its impact on financial transactions is still fragmented, with weak empirical insights and limited theoretical explanations. Therefore, financial industry managers lack guidance on how to plan and prepare for the impact of blockchain technology on the operation of financial transactions.

Against that backdrop, this dissertation explores the asserted and potential impacts on financial transactions with emphasis on asset verification, record keeping, data privacy, and transaction costs. The dissertation adopts a pluralist approach to examine the subject matter based on three approaches: analysis of the extant literature about blockchain technology concerning financial transactions; perception analysis based on interviews with financial executives, subject matter experts, and researchers; and a theoretical interpretation using transaction cost theory. Therefore, the dissertation synthesizes insights from the three approaches to offer managers of financial institutions guidance concerning the opportunities and challenges of blockchain technology.