Received: 8 February 2020 Revised: 26 March 2020 Accepted: 10 April 2020

DOI: 10.1002/csr.1954

RESEARCH ARTICLE

Crypto-economy and new sustainable business models:

Reflections and projections using a case study analysis

Maurizio Massaro1 | Francesca Dal Mas2 |

2,3
Charbel Jose Chiappetta Jabbour | Carlo Bagnoli1

1
Department of Management, Ca' Foscari
University of Venice, Venice, Italy Abstract
2
Lincoln International Business School, The purpose of this article is to shed light on how the blockchain technology can lead
University of Lincoln, Lincoln, UK
to the creation of new sustainable business models (SBMs). The literature highlights
3
Montpellier Business School, Montpellier,
France the need to merge the sustainability perspective into business models, creating new
SBMs. Using a case study methodology, the paper investigates how the blockchain
Correspondence
Francesca Dal Mas, Lincoln International can foster the creation of SBMs, thus exploring the following Research Question
Business School, University of Lincoln, (RQ): How can blockchain facilitate the development of new SBM? The case represents
Lincoln, UK.
Email: email.dalmas@gmail.com, fdalmas@ an example of an SBM merging more theoretical definitions. The unique features of
lincoln.ac.uk the blockchain foster inclusivity even in traditional sectors, allowing widespread dis-
tribution of the benefits for the community with a long-term orientation. Conse-
quently, our study provides systematized evidence of how the blockchain can foster
financial and social sustainability. This manuscript adds to the state-of-the-art litera-
ture on the application of emerging technologies to organizational sustainability by
shedding light on real business case evidence.

KEYWORDS

blockchain, case study, social sustainability, sustainable business models

1 | I N T RO DU CT I O N La, Ramaprasad, & Syn, 2018; Saberi, Kouhizadeh, Sarkis, &

Shen, 2019). However, to promote sustainability, technological inno-
Following the multiple recently published calls for increased research vations require more than the limited development of new products
efforts toward a better understanding on the role of emerging tech- and processes: an overall SBM (Lewandowski, 2016) is required to
nologies of the fourth industrial revolution on the sustainability of add value not only to customers and shareholders but also to the
organizations (Bai, Cordeiro, & Sarkis, 2020; Saberi, Kouhizadeh, & whole society (Geissdoerfer, Vladimirova, & Evans, 2018). The need
Sarkis, 2018), we want to add to the debate on if and how the to develop new SMBs is also required by increasing external pressure
blockchain technology can lead to the creation of sustainable business (Cantele & Zardini, 2020) to include sustainability outcomes into
models (SBMs). Emerging technologies regularly serve as enabling organizations.
forces for economic, social, and business transformation (Cohen & Traditionally, technological innovation has been widely connected
Amorós, 2014), without proper consideration of the environmental with the development of new BMs (Angeles, 2019; Vafaei, Yaghoubi,
dimension of sustainability. While “business as usual” application of Tajik, & Barzinpour, 2020). For example, the literature associated the
technologies is focused on obtaining competitive advantages to beginning of the new millennium with the development of the so-
increase companies' profits, more recently a more comprehensive called “knowledge economy,” where “knowledge, embedded in people
approach has emerged, enlarging the benefits obtainable with techno- and things, digital infrastructures, networks, products, and intangible
logical innovation to enhance sustainability, lower down the consump- assets, plays a decisive role in the organization of production, distribu-
tion of non-renewable resources, and foster social equity (Cancino, tion and consumption” (Unger, Stanley, Gabriel, & Mulgan, 2019). One

Corp Soc Responsib Environ Manag. 2020;1–11. wileyonlinelibrary.com/journal/csr © 2020 ERP Environment and John Wiley & Sons Ltd. 1
2 MASSARO ET AL.

of the more significant features of the knowledge economy was that (Evans et al., 2017, p. 597), even less is known when SBMs connect
“the marginal cost of reproducing knowledge economy products and with blockchain.
services can be close to zero” (Unger et al., 2019, p. 8). This radical Starting from this premise, our paper aims to investigate if and
effect allowed companies to develop new business models, for how the blockchain can lead to the creation of SBMs. The paper can
instance, the free business model employed by multinational firms be considered valuable since the literature has not widely investigated
such as Google and Facebook. the topic. If the blockchain can lead to the development of SBMs,
In such business models, services can be delivered for free to such dynamics are not clear. We aim to understand with a deeper lens
the users, thanks to their relatively low marginal cost, while the which features of the distributed and secure ledger can enhance the
company looks into different revenue streams (Bagnoli, Dal Mas, & creation of SBMs. We thus contribute to both the theory and practice
Massaro, 2019; Bagnoli, Massaro, Dal Mas, & Demartini, 2018). of SBM development, as a consequence of shedding light on real-life
However, the implications of these new business models are not evidence through case analysis.
merely limited to companies' value and competitive advantage. As The article is organized as follows. The next session highlights the
highlighted by Laukkanen and Tura (2020, p. 1) “there is a great literature review on SBM and blockchain and leads to our research
deal of interest in the potential of these models to create sustain- question. The methodology used is then described, underlining the
able value” whether incorporating concepts, principles, and goals research context and data collection, and analysis. The findings come
that aim at sustainability or integrate sustainability into the value next. The discussion and conclusions sections end the paper.
proposition (Geissdoerfer et al., 2018). However, according to
Reinhardt et al. (2020, p. 2) “there is a paucity of empirical research
on business model innovation … toward more SBMs as the lack of 2 | LI T E RA T U R E RE V I E W A N D R ES EA R C H
theoretical research is reflected in the scarce number of case stud- QUESTI ON
ies and empirical analysis in the field.”
Interestingly enough, at the time we are writing, a new trend is 2.1 | Emerging sustainable business models (SBMs)
emerging, based on the development of crypto-currencies/crypto-
tokens and the underline blockchain technology. A blockchain is an A BM outlines the logic of how an organization creates, delivers, and
immutable ledger of pieces of information tight together, thanks to captures value (Bagnoli et al., 2018, 2019; Osterwalder &
the cryptography process (Cong, 2018; Morabito, 2017). Therefore, Pigneur, 2012). The literature highlights how organizations can signifi-
while in the “knowledge economy” the development of new BMs is cantly innovate their value creation process by developing innovative
supported by the characteristics of knowledge (such as replicability of business models (Abdelkafi, Makhotin, & Thorsten, 2013). Initially,
data), the blockchain technology allows any piece of information reg- scholars concentrated on innovative business models to enhance the
istered to become unique and not duplicable, transparently observable economic value creation for shareholders. Lately, a growing number
and kept in a distributed system creating the basis of a new “crypto- of studies emphasized the necessity to involve other stakeholders
economy” (Huang, 2019) that, at the time we are writing exceeds such as the local communities, the central State or government, and
230 USD billions only considering cryptocurrencies and crypto- the natural environment to design SBMs (Birkin, Cashman, Koh, &
tokens. Thus, the blockchain “has the potential to create new founda- Liu, 2009; Lozano, 2012, 2018; Wilson & Post, 2013), and even new
tions for our economic and social systems” (Iansiti & Lakhani, 2017, types of organizations (Gazzola, Grechi, Ossola, & Pavione, 2019;
p. 3) becoming more than a disruptive technology “with the potential Stubbs, 2019) highlighting the need to reach sustainability outcomes
to have a significant impact on business models and industries, similar for the society (Birkin, Polesie, & Lewis, 2009; Dal Mas, Massaro,
to the adoption of Internet”(Gökalp, Onuralp Gökalp, Çoban, & Lombardi, & Garlatti, 2019; Gazzola et al., 2019). The need to merge
Eren, 2018, p. 174). sustainability into the BM is also fostered by increasing external pres-
As highlighted by Evans et al. (2017, p. 597) “Changes to business sure by stakeholders (Cantele & Zardini, 2020).
models are recognized as a fundamental approach to realize innova- SBMs can be defined as “BMs incorporating concepts, principles,
tions for sustainability.” Experiments to create SBMs using blockchain or goals that aim at sustainability, or integrating sustainability into
have been developed in several fields. For example, in the food pro- their value proposition, value creation and delivery activities, and/or
duction sector many startups use blockchain to redefine their busi- value capture mechanisms” (Cosenz, Rodrigues, & Rosati, 2019, p. 1).
ness models for “achieving systemic food production transformation Another definition of More Sustainable Business Models (MSBMs)
in a way that aligns the sector more closely with contemporary sus- sees them as “A holistic and systemic reflection of how a company
tainability and health challenges” (De Bernardi & Azucar, 2020, operationalizes its strategy, based on resource efficiency (through
p. 189). Similarly, “the adoption of blockchain in the healthcare operations and production, management and strategy, organizational
domain offers promising solutions for securing communications systems, governance, assessment and reporting, and change), so the
among stakeholders, efficient delivery of clinical reports, and integrat- outputs have more value and contribute to sustainability more than
ing various kinds of private health records of individuals on a secure the inputs (with regard to material and resources that are transformed
infrastructure” (Gökalp et al., 2018, p. 174). However, if “little is into products and services, economic value, human resources, and
known about the successful adoption of sustainable business models” environmental value)” (Lozano, 2018, p. 1164).
MASSARO ET AL. 3

SBMs can lead to better organizational economic, environmental, millions of devices and open to anyone, where not just information
and social performance (Bacinello, Tontini, & Alberton, 2020; Evans but anything of value – money, titles, deeds, music, art, scientific dis-
et al., 2017; Franceschelli, Santoro, Giacosa, & Quaglia, 2019; Hall & coveries, intellectual property, and even votes – can be moved and
Wagner, 2012; Lüdeke-Freund, 2020). From a social perspective, SBMs stored securely and privately.” Therefore, the blockchain is nothing
may ensure the reduction of prices, allowing products and services to be more than a process to store data in a distributed and immutable way.
affordable for a more significant number of people, fostering inclusivity As the pieces of information stored are immutable they become rare,
(Nußholz, Rasmussen, Whalen, & Plepys, 2020; Rotondo, Corsi, & unique and when the data stored is useful (as a right of doing some-
Giovanelli, 2019). This may be particularly relevant in developing or poor thing), it starts getting a value (Newbert, 2008). This process might be
countries (Bardy, Massaro, & Rubens, 2013), not only to diffuse products called as asset tokenization. According to Chen (2018). “Blockchain
and services to unwealthy people but also as a means to create self- tokens can be created on top of a blockchain and can be used to rep-
employment opportunities (Mahfuz Ashraf, Razzaque, Liaw, Ray, & resent a wide range of scarce assets beyond currencies. Some
Hasan, 2019). Sustainability-driven entrepreneurship is still extremely rel- blockchain tokens are like preorders in preordering crowdfunding
evant yet under-investigated research area (Haldar, 2019). campaigns, while other blockchain tokens are like ownership stakes in
While we found several pieces of evidence of SBMs in sectors profit-sharing crowdfunding campaigns.”
like food (Leon-Bravo, Moretto, Cagliano, & Caniato, 2019), hospitality Interestingly, the blockchain not only allows to tokenize assets,
(Manaktola & Jauhari, 2007), manufacturing production (Garetti & but it makes it also more transparent. According to Yermack (2017)
Taisch, 2012), and public services (Powell & Osborne, 2020) little has when used to issue and trade corporate securities, the blockchain will
been done in other more traditional fields, such as that of insurance. increase the transparency of ownership, allowing real-time observa-
SBMs experiences in the insurance sector include the use of big data tions of trades. One of the main characteristics to allow asset
analytics to reduce costs in healthcare (Nayak, Bhattacharyya, & tokenization is that the overall chain of the transaction is transpar-
Krishnamoorthy, 2019), the introduction of more sustainable manage- ently observable (Schmitz & Leoni, 2019). The whole process is devel-
rial practices (Ho, Huang, & Ou, 2018; Lock & Seele, 2015), and the oped with no need to involve an intermediary, thanks to the secure
assessment of a sustainable supply chain (Tsvetkova, Yurieva, and immutable characteristics of the blockchain but also thanks to the
Karpova, & Khuzhamov, 2019). use of smart contracts with a significant impact in terms of transaction
By doing so, the research field on business model blends with sus- costs (Andreassen, Van Riel, Sweeney, & Van Vaerenbergh, 2018).
tainability. According to the literature, there are “no right or wrong Indeed, “smart contracts” allow the automation of the transaction pro-
definitions” of sustainability (Isaksson & Steimle, 2009, p. 180). An cess and, therefore, the reduction of fees. Additionally, the distributed
accepted definition of sustainability acknowledges the presence of system allows everyone to participate in the system, offering the
three main components: economic or financial, social, and environ- required technology to develop the transaction, resulting in a democ-
mental sustainability (Dal Mas, 2019; Massaro, Dumay, Garlatti, & Dal ratization of the entrepreneurship process (Chen, 2018).
Mas, 2018; Wasiluk, 2013). The literature shows great interest in Finally, as a distributed system, the blockchain requires that all
understanding the sustainability drivers, as means toward a more the members agree on the rules in what is typically called a “consen-
sustainable-oriented state (Lozano, 2015; Peralta, Carrillo- sus protocol.” Technically, the consensus protocol defines the stan-
Hermosilla, & Crescente, 2019), and a stimulus for corporate entrepre- dards used by the computers in the distributed system to exchange
neurship (Mahfuz Ashraf et al., 2019; Morrish, Miles, & and record data. The protocol cannot be changed without the agree-
Polonsky, 2011). The recent introduction of UN's 17 SDGs has ment of the majority of the members of the network because, other-
pushed organizations even more to the need to merge sustainability wise, data will not be stored in the system. Therefore, it assures the
into their businesses (Poddar, Narula, & Zutshi, 2019; Presch, Dal alignment of all members, and it must be developed having a long-
Mas, Piccolo, Sinik, & Cobianchi, 2020; Rosati & Faria, 2019; Secundo, term orientation (Saberi et al., 2019).
Ndou, Del Vecchio, & De Pascale, 2020; Tsalis, Malamateniou, Analyzing emerging technologies, the blockchain is being recog-
Koulouriotis, & Nikolaou, 2020). Interestingly, according to Ruzza, Dal nized among the top five technology trends (Panetta, 2018) with an
Mas, Massaro, and Bagnoli (2020) “emerging technologies regularly increasing number of startups claiming to use the blockchain technol-
serve as enabling forces for economic, social, and business transfor- ogy and almost every big bank dealing with a blockchain project
mation” and can, therefore, be an external factor that contributes (Bürer, de Lapparent, Pallotta, Capezzali, & Carpita, 2019). Despite the
developing new SMBs. Innovation and technology can also enhance big potentiality recognized to the blockchain, one of the most often
sustainability and SBMs (Mousavi, Bossink, & van Vliet, 2019). claimed problems relates to the energy consumption of the system.
Most of the studies about the blockchain energy consumption focus
on bitcoin (Ghosh & Das, 2019). However, the energy consumption of
2.2 | Blockchain and new sustainable business bitcoin relates to the specific process used to mine new coins and do
models (SBMs) between fads and false myths not relate to the overall blockchain system. According to Mary Hall,
director of the Oracle Blockchain Product Market “While it's true that
According to Tapscott and Tapscott (2016) “at its most basic, mining via permissionless blockchains (used to mine cryptocurrencies)
blockchain is a vast, global distributed ledger or database running on drives up costs, this is not true of the permissioned blockchains most
4 MASSARO ET AL.

typically used to perform business transactions. Permissioned 3.1 | Research context

blockchains don't typically involve cryptocurrency mining.”
In all the while, we believe that “little information is available … The case analyzed is SocialInsurence (faked name to ensure anonym-
[and] … much more empirical evidence and research work will be ity), a company based on a platform BM established in eastern Europe,
needed in the coming years to understand better how much energy which provides peer-to-peer insurance services using a distributed,
blockchain applications will consume”(Bürer et al., 2019), there is self-regulating social proof blockchain website. The company was
the need to better understand the possibility lead by asset founded back in 2015 by two entrepreneurs from the insurance field,
tokenization, transparency, absence of intermediaries or middle- who strongly believed in the possibility of innovating the business
men, distribution of its information, and the consensus protocol for model even in traditional sectors as the one of insurance. The com-
future business developments. At the time we are writing, pany aims at using the blockchain technology to empower the social
according to the Web site coinmarketcap.com, the overall value of proof guarantee, leading to more sustainable business and outcome
tokens issued by companies exceeds 230 Billion. However, little is from both a social and financial perspective. The project is based on
known about the specific BMs developed by these companies the idea that if the responsibility is shared, diligent behaviors are
(Lee, 2019) and their eventual impacts on sustainability. Building on encouraged. Sharing the risk within a community imposes social pres-
the theoretical implications of blockchain previously described, our sure on all the parties involved. In case of an accident or damage, the
Research Question (RQ) is thus: compensation of the franchise is partly covered by the endorsers. If
RQ. How can blockchain facilitate the development of no claims occur, the insured community benefits from cashback or
new SBM? reduced premiums. Social proof mechanisms encourage trust and
This research question is explored further through real business mutual reciprocity, stimulate self-regulation within the community
case analysis. Insights from the case can add to the literature on the and limit fraudulent actions and violation of the contractual terms.
integration of blockchain and SBMs because the majority of research SocialInsurence started with car insurance products, to later
articles on this interface have a conceptual perspective. Thus, empiri- extend the business to other types of services. The company filed for
cal evidence on the topic can be considered significantly scarce patent protection in 2016. SocialInsurence launched a crowdfunding
(Jabbour, de Sousa Jabbour, Sarkis, & Godinho Filho, 2019). campaign on the business idea, raising 18 million dollars in 80 s
in 2018.
Case studies seem ideal when the context can be “transparently
3 | M E TH O DO LO GY observable” and therefore constitute polar types, rather than develop-
ing random selection “that is neither necessary nor even preferable”
To develop our analysis, we aim to employ a case study approach to (Eisenhardt, 1989, p. 537). Considering the unique business idea and
test how the blockchain can challenge some of the theories previously the way it has been received by the market among investors,
presented to develop new SBMs. Researchers should choose the right SocialInsurace may represent a critical case study to investigate our
research methodology to develop their projects, as it is deeply research question, meeting the definition of the polar type and all-
affected by the research context. In our paper, we employ a case owing the transferability of our findings (Massaro, Dumay,
study. Qualitative methods are suitable to allow researchers to iden- et al., 2019; Yin, 2014).
tify and appreciate relationships among variables even within complex
processes, understanding, at the same time, the influence of the social
context (Massaro, Moro, Aschauer, & Fink, 2019). Case studies can be 3.2 | Data collection and analysis
defined as qualitative research methods that support researchers
when “a how or why question is being asked about a contemporary To assured construct validity and data triangulation (Yin, 2014), we
set of events over which the investigator has little or no control” gathered data of different types from multiple sources, as summarized
(Yin, 2014). Moreover, case studies grant a better analysis of a “real- in Table 1. More in detail, we used available public data released by
world case” (Ridder, Hoon, & McCandless Baluch, 2014). Besides, the company, such corporate documents, the official website, and
qualitative methodologies can usually be better understood by practi- interviews of the founders and managers. Moreover, we searched for
tioners in leading to managerial practices (Dal Mas et al., 2019), help- third parties information and opinions about the ventures: interviews
ing to bridge the gap between academia and practice (Massaro with experts not linked to the organization, articles published in the
et al., 2018). Thus, we argue that such methodology is appropriate press, comments and posts of people (investors, analysts, …) taken
considering the specific research questions of our research. A case from financial blogs and forums (Dal Mas, 2019; Massaro et al., 2018;
study will permit us to test the present theories in a particular Massaro, Dumay, & Bagnoli, 2017; Sciarelli, Tani, Landi, &
research context, allowing an in-depth comprehension of a complex Turriziani, 2020).
social phenomenon (Yin, 2014). The research context, data collection, An iterative technique was employed, continually moving
and the analysis process are reported in the following section, to safe- between our findings and the theoretical lens of sustainable business
guard transparency in the research method (Massaro, Dumay, & models and new technologies. The SocialInsurance case allows for
Bagnoli, 2019). understanding the features of the blockchain, which can foster the
MASSARO ET AL. 5

TABLE 1 Data sources and collection deductible, supporting, therefore, a higher risk of potential economic

Type of source Description loss. Traditional systems penalize some categories of drivers. The lack
of profiling of drivers does not create a stimulus to drive paying more
Corporate Company's white paper for the ICO (Initial
documents and coin offering) attention.
materials Company's official web site SocialInsurance designed an utterly different BM, changing the
YouTube interviews Interviews of the CEO and CIO, managers paradigm drastically. The new formula employed by the company
of the founders and founders enhances the segmentation and risk selection process, starting from
Other YouTube No. five interviews with experts on the field the premise that in the traditional BM responsible and diligent pol-
interviews of blockchain discussing about the specific icy owners overpay their premiums because of non-responsible and
case and business idea
fraudulent people. The trust among community members, being
Newspaper articles No. 11 newspaper articles about the specific
them relatives, friends, and colleagues, play a central role in the
case and business idea
new BM.
Online comments of No. 178 online comments from investors and
According to SocialInsurance's BM, individuals create a sort of
the investors other experts gathered from financial
online blogs solidarity fund, based on the blockchain distributed ledger. The fran-
chise turns to a so-called “third-party deductible,” and the bonus-
malus twists from a single-basis to a multiple-basis approach.
development of SBMs. To assure internal and external validity, as rec- People can endorse each other, replacing so the statistical evalua-
ommended by Yin (2014), we apply a logical model and theory con- tions of bonus-malus and deductible. Policyholders endorsing each
frontation. All the materials and information collected was stored and other can so obtain a discount on their single insurance fare. The
coded using the software NVivo to safeguard reliability and rigor. endorser backs the policyholder with a financial guarantee, which is
blocked in the credit card for a theoretical amount. Such amount is
collected only in case of an at-fault claim. In exchange for the
4 | FINDINGS endorsement, the endorser obtains a crypto-token, to be utilized
either as a payment method or as an investment.
SocialInsurance was able to create a new SBM in a traditional sector, The blockchain ledger consents to people to be bounded but at
the one of insurance, which still needs to prove innovative sustainabil- the same time be protected from a privacy perspective. The
ity practices (Ho et al., 2018; Lock & Seele, 2015). Typically, car- blockchain allows defining extra clauses and arrangements, in case
insurance works with a Bonus-Malus Systems, which is utilized to cal- people do not trust each other but still want to get the benefits of
culate the insurance premium for each policyholder, based on the past mutual endorsement. Should such mutually-set provisions be violated,
number of accidents and claims. Each prior accident affects the due SocialInsurance would assure compensation to the insured policy-
amount for the following insurance period. However, a collision which holder. Such payment would be split between the insurance company
caused a limited loss penalizes the policyholder unfairly as much as and the endorsers, strengthening the social pressure and fairness on
who had a severe accident causing massive economic damage. Some all the contractual parties. Trust and financial incentives can so lead to
insurance companies amended their Bonus-Malus Systems to take decreasing premiums, allowing cheaper insurance fees for the majority
into consideration the number as well as the severity of the accidents of blockchain business transactions. Moreover, thanks to social pres-
caused by the policyholder (von Bieberstein & Schiller, 2018). sure, policy owners will tend to behave in a better way, respecting the
Moreover, to limit the numbers of claims, traditional insurance rules.
companies use the deductible or franchise. The deductible represents Data collection and analysis allow identifying for each of the char-
the amount of money which must be paid by the policyholder in case acteristics of the blockchain, some theories that can foster the crea-
of an accident before the insurance starts covering the damage tion of new SBMs.
(Perrigot, Basset, Briand, & Cliquet, 2014). The deductible reduces the
number of claims, since several minor accidents may cause damage
which is below the contractual amount of the franchise. Moreover, 5 | ASSET TOKENIZATION AND
the full responsibility of the policyholder for at least a part of the TRANSPARENCY
eventual economic loss prevents fraud and fosters people to pay more
attention. As previously described, asset tokenization is the process that allows
Traditional car-insurance companies calculate the cost of pre- companies to write in the blockchain ledger unique data. Those data,
miums and franchises based on statistical and actuarial algorithms. often give specific rights to the owner and therefore become assets
Pre-defined features such as age, driving experience, the number of that companies can sell. SocialInsurance uses blockchain to allow
prior car accidents are set to pre categorized drivers, and thus poli- users to vouch for each other, sharing deductible costs. People are
cyholders. Such method sanctions some categories, for instance, encouraged to get into the system. Not only they can save money on
young drivers, as they are considered at higher risk. Drivers can premiums if they mutually endorse each other, but they can get finan-
reduce their insurance policy only by accepting to raise their cial benefits at the end of the year. The tokens they receive in
6 MASSARO ET AL.

exchange for their endorsement activities can be used either as a Further support to these insights come from one comment on a
means of payment within the community or as an investment. The financial blog stated by one investor who said:
possibility to include additional contractual clauses or arrangements
allows endorsing people with whom the relationship is not tight, such We see and use social proof psychology every day and all
as business partners. Mutual engagement leads to a financial benefit around us, in business, marketing, why not in insurance.
and a social benefit, with the people endorsed who are even more Even for example, if you have a choice between a restau-
encouraged to behave well and do not break the rules. According to rant that is full or restaurant that is empty - which one do
the company's white paper, you choose? … [The endorserers] effectively have to make
a judgement about how safe a driver you are, based on
Peer-to-peer insurance uses crowdsourcing and social net- everything they know about you. As a result, they will
working to create a shared insurance experience, getting only guarantee you if they feel truly confident that you
together through social media, friends and family mem- will drive safely. On the flip side, if you are ensured you
bers. The insurers form groups to team up and share each should drive more carefully, knowing that reckless behav-
other's risks with everyone contributing money to insure iour could cause your guarantor a penalty.
each other's losses. Usually at the end of the year, the
individuals with no claims receive a cashback or reduced In all, results show how creating unique data the company can
premiums for the next period. reduce its production costs making it more affordable for the poorest
countries or younger drivers that do not have a history to use for cal-
Policyholders share their risks and benefits with their endorsers. culating the insurance fee. Additionally, being transparently observ-
People are so encouraged to behave in a right and proper way. More- able, the company was able to foster people's behavior using social
over, in SocialInsurance's blockchain ledger, parties can agree on proof psychology that contributes to making the streets safer for
expected conducts by signing specific clauses or arrangements, which drivers.
so become binding. All the parties involved are thus encouraged to
behave as planned, either from a social or legal perspective. According
to the company's white paper, 6 | DI S T R I B U TE D SO L U T I O N S B A S E D ON
CONSENSU S P ROTO COL
The introduction of social proof as a self-regulating psy-
chological phenomenon allows [SocialInsurance] to nur- SocialInsurance relies on smart contracts and the use of a platform
ture a scheme of lower-risk individuals, consequently business model to reduce transaction costs and cut middlemen. Ana-
decreasing their premiums by up to 50%, while fully lyzing the sources, SocialInsurance can minimize transaction costs in
harnessing the power of blockchain technology. two ways: reducing costs and increasing the efficacy and efficiency of
the process. The absence of middlemen, thanks to the use of the plat-
In all within the specific BM, SocialProof using blockchain to form and the IT system, allows the reduction of costs as well as more
extend the benefits of the social proof theory. From a moral perspec- efficient use of data and resources. Lower structural and operational
tive, social proof is defined as a natural, in-built mechanism rep- costs lead to a decrease in premiums and, in general, service prices for
resenting people's moral compass, which is fostered by the trust given the customers. The new blockchain technology used in traditional sec-
by the endorsers. Besides, all actors involved will feel the social pres- tors allows a business model innovation. Lower premiums and prices
sure to perform as recommended, to keep and let their endorsers enhance social sustainability, allowing so people who could not afford
keep those benefits granted by the endorsing mechanism. While the insurance to buy one easily. One of the comments released by
non-performing ones will be eliminated from the system, the virtuous experts said:
ones will increase their advantage and will remain in the chain. Comp-
any's white paper, For insurance companies the peer-to-peer concept brings
lower customer acquisition costs as the groups are
[the business model based on blockchain is] putting social formed through social networking and crowdsourcing,
pressure on all the signing parties and quickly eliminating meaning the role of the middlemen is not necessary.
those that violate the terms. The embedded seriousness Even more, due the information exchange between
of such an agreement will guarantee the transactions members, the insurance can effectively assume responsi-
between the parties are being carried out with the utmost bility for the peer-to-peer group's risk selection. By
responsibility.in social interactions, social proof can help leveraging social media and other networking technolo-
people to protect themselves from committing actions gies the approach creates an insurance infrastructure at
that would be frowned upon by others or fall below stan- lower expense and builds an agile, customer-centric
dard expectation. insurance.
MASSARO ET AL. 7

Additionally, developing the business through distributed 7 | DI SCU SSION

solutions appears as a central topic for SocialInsurance, as it is
first stated in the company's white paper. To develop distributed Following the recent calls for more research on the effects of emerg-
solutions, the consensus protocol used by the member of the ing technologies on organizational sustainability (Bai & Sarkis, 2019;
network becomes central. All the members in the network will Jabbour et al., 2019; Saberi et al., 2018), our findings highlight how
agree on that. Interestingly enough, as a shared protocol, it has new technologies, in general, and the blockchain, in particular, can
not only to be defined explicitly at the beginning but must be lead to the development of SBMs (Geissdoerfer et al., 2018). The
kept during the company evolution. According to the company's
white paper,
TABLE 2 Findings. Traditional BMs vs New SBMs in the
insurance sector, according to SocialInsurance, and sources used
The total amount of issued tokens will be limited and
Traditional BMs New SBMs Sources used
fixed, with a security mechanism of token split and/or
token denomination added to efficiently support expected Premiums and The franchise turns to Company's white
franchises are a “third-party paper for the
price growth in the future. We are cognizant that the
based on deductible,” and the ICO
adoption of the tokens by the mass markets is an evolu- statistical and bonus-malus twists Company's official
tionary process, therefore SocialInsurance will gradually actuarial to a multiple-basis web site
progress to a fully tokenized operation. It is our goal that algorithms à approach à CEO's interviews
responsible and Policyholders Newspaper
the IPL utility token becomes the currency of the
diligent policy endorse each other articles
SocialInsurance community that will operate as an alter- owners overpay to obtain a discount Investors'
native economy based on a patented social-proof busi- their premiums on their single comments
ness model. As such, it will noticeably disrupt the $7 because of insurance fare à
non-responsible Trust and financial
trillion worldwide insurance industry of today and signifi-
and fraudulent incentives lead to
cantly improve the blockchain business transactions of people. decreasing
tomorrow. premiums
There is no social There is an intense Company's white
One of the experts that commented the company white- pressure. social pressure paper for the
paper said: Only the franchise Collective trust pushes ICO
pushes the policy policy owners to CEO's interviews
owners to avoid behave in a better Expert's interview
The team is convinced this type of insurance will bring small accidents. way due to social
in the missing trust among all the stakeholders and proof.
serve as an additional boost of the rising decentralized The process is not The process is Company's white
economy. Certainly, the platform also promises many transparent; transparent thanks paper for the
records can be to the blockchain ICO
interesting features to incentivize both, the engaged
seen only by the technology. CEO's interviews
crypto users and those who have not yet meet with
insurance Company's official
the world of crypto. company. web site
The process does The process leads to Company's white
The innovation provided by the system was fundamentally not lead to any financial benefits paper for the
supported by the founders of the company that declared: financial benefits. (tokens) thanks to ICO
the blockchain CEO's interviews
technology. Company's official
Blockchain is the only technology that can replace cen- web site
tralized insurance platforms with a self-regulated network Newspaper
on a long run articles
Investors'
comments
In all, results show how the distributed solution allowed the crea-
Costs of processes, Processes and Company's white
tion of a system where the benefits are shared among the partici-
and thus premiums reduce paper for the
pants. The overall reduction cost of the insurance not only allows premiums, remain their costs due to ICO
subscribers to save money, but part of the profit is shared with people high. Still, several the absence of Company's official
that vouch for drivers. The social distribution of the aims are defined people cannot middlemen and the web site
afford to IT platform, and thus CEO's interviews
using a long term perspective due to the immutable nature of the con-
subscribe to a their prices so that Expert's interview
sensus protocol, and the benefits of the system are socially distrib- policy. more people can Newspaper
uted, creating a more equitable system. afford to subscribe articles
Table 2 summarizes our main results, matching them with the var- to a policy. Investors'
comments
ious sources used in the investigation.
8 MASSARO ET AL.

TABLE 3 Findings, SBMs, and practical implications and sustainability outcomes

Practical implications and Sustainability

Findings Definition of SBMs sustainability outcomes dimension
The BM leads to strong social Sustainability as part of the value People will behave in a better way, Social sustainability
pressure: Collective trust pushes proposition (Cosenz et al., 2020) paying more attention while, for
policy owners to behave in a Outputs that contribute to example, driving. This will cause
better way, due to social proof. sustainability (Lozano, 2018) fewer accidents, meaning fewer
people dead or injured, and fewer
objects damaged.
The process is transparent thanks to Sustainability as part of the value Transparency enhances values such as Social sustainability
the blockchain technology. proposition (Cosenz et al., 2020) good behavior and trust and reduces
Concepts, principles, or goals that aim frauds and misconduct.
at sustainability (Cosenz et al., 2020)
The process leads to financial Sustainability as part of the value Additional financial benefits support Financial
benefits (tokens) thanks to the proposition (Cosenz et al., 2020) people and organizations. sustainability
blockchain technology. Concepts, principles, or goals that aim
at sustainability (Cosenz et al., 2020)
Processes and premiums reduce their Sustainability as part of the value People will get access to products or Social & Financial
costs due to the absence of proposition (Cosenz et al., 2020) services which were less accessible sustainability
middlemen and the IT platform, Concepts, principles, or goals that aim before, due to high prices (e.g., car
and thus their prices so that more at sustainability (Cosenz et al., 2020) insurance).
people can afford to subscribe to a Lower prices for insurance make it
policy. accessible to new entrepreneurs or
start-ups.

current fast-changing technological scenario can, for sure, let organi- According to the OECD, insurance penetration is still low in such
zations employ new ways of running their business and create value. areas. Thus several people drive without a mandatory policy. If we
However, such new approaches to business can also enhance extend the insurance from cars or motorbikes to other fields, such as
sustainability. trade, again lower premiums can facilitate the business. Thanks to the
SocialInsurace uses the blockchain to develop an SBM in a tradi- possibility to secure contractual clauses and arrangements in the
tional sector. Interestingly, the company employs an SBM that merges blockchain's ledger due to the smart contracts, business partners can
both “concepts, principles, or goals that aim at sustainability” (Cosenz easily back each other, fostering entrepreneurial initiatives and
et al., 2019, p. 1), “integrates sustainability into its value proposition” innovation.
(Cosenz et al., 2019, p. 1) “providing outputs that contribute to sus- The transparency of the ledger and its feature of being distributed
tainability” (Lozano, 2018, p. 1164). Therefore, our findings contribute stimulate the social proof mechanism, which can be defined as a virtu-
to the existing definitions of SBMs offering practical evidence (Evans ous cycle of good behaviors acting as a social transformation tool
et al., 2017). (Ruzza et al., 2020). Endorsed policyholders will feel obliged to behave
Additionally, results show how the blockchain technology allows as expected. The ones who will not perform well will be eliminated
running a secure and affordable business, in which customers (poli- from the system; the ones who will respect the rules will get benefits
cyholders) can save money acting as a community. The asset and will allow their backers to receive benefits as well. Fostering cor-
tokenization nurtures the creation of an engaged community of peo- rect behaviors and trust in the community can be itself considered as
ple, willing to cooperate and get mutual benefits by backing each part of social sustainability. In the case of SocialInsurance's car policy,
other. The endorsement mechanism allows splitting the franchise and driving carefully and not causing collisions can not only limit financial
the risk among more people, making the transaction more financially damages but also prevent injuries and even deaths. The consensus
sustainable, increasing the relationship between resources used and protocol and the long-term vision contribute to keeping the
output obtained (Lozano, 2018). commitment high.
The automation system and the absence of middlemen ensure Consequently, this work has a number of managerial insights for
even more savings, which lead to low-cost premiums. The financial people in the business. First, making data unique, the blockchain tech-
sustainability of the business increases the accessibility of services, nology supports the development of a crypto-economy that has dif-
fostering inclusivity (Nußholz et al., 2020; Rotondo et al., 2019). The ferent bases compared to the knowledge economy and allows the
SBM built thanks to the blockchain allows people who could not development of new BMs. Second, the specific characteristics of
afford an insurance policy before are now able to buy one. Covering blockchain technologies can help companies to foster new sustainable
the risk affects not only the policy holder but all other people that solutions leading to the development of new SBMs. Some of the fea-
may be damaged by that person's mistake or fault. This may be a rele- tures of these new SBMs are: cost reduction of traditional and well-
vant asset for poor or developing countries (Bardy et al., 2013). established products to support inclusivity; consumer behavior
MASSARO ET AL. 9

changes toward a more sustainable approach; social distribution of OR CID

the benefits of the system. Maurizio Massaro https://orcid.org/0000-0001-6461-2709
Table 3 matches the findings with the sustainability implications. Francesca Dal Mas https://orcid.org/0000-0001-6477-4177
Charbel Jose Chiappetta Jabbour https://orcid.org/0000-0001-
5963-3556
8 | C O N CL U S I O N S Carlo Bagnoli https://orcid.org/0000-0002-1625-0499

Concluding our work, we may start from the premise of our study. ENDNOTES
The need for new SBMs, which can blend the need to find new busi- 1
See https://coinmarketcap.com/, accessed January 26, 2020.
ness avenues, leading at the same time to sustainability outcomes, can 2
Permissioned blockchain, also known as private blockchain, needs prior
be fostered and facilitated by new technologies. Our study demon- approval before using. Permissionless blockchain lets anyone participate in
strated how the blockchain can thus, thanks to its unique features, the system without any prior approval (see: https://www.blockchain-
council.org/blockchain/permissioned-and-permissionless-blockchains-a-
lead to new SBM, fostering both financial and social sustainability.
comprehensive-guide/ accessed March 25, 2020.
The first of such characteristics is asset tokenization. It allows stake- 3
See https://coinmarketcap.com/tokens/views/all/, accessed December
holders engagement and the creation of a virtuous community of 12, 2019.
members who support each other. The absence of middlemen or 4
See https://www.oecd.org/finance/insurance/globalinsurancemarkettrends.
intermediaries contributes to the reduction of transaction costs, which htm, accessed January 12, 2020.
allow lower prices, helping the spread of the business among less
wealthy people. The distributed solutions and smart contracts facili-
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