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Kickstarting Blockchain : Designing Blockchain-based Tokens for Equity Crowdfunding

Title data

Guggenberger, Tobias ; Schellinger, Benjamin ; von Wachter, Viktor ; Urbach, Nils:
Kickstarting Blockchain : Designing Blockchain-based Tokens for Equity Crowdfunding.
In: Electronic Commerce Research. (2022) .
ISSN 1572-9362

Project information

Project title:
Project's official titleProject's id
Projektgruppe WI BLockchain-LaborNo information

Abstract in another language

Blockchain-based tokens seek to overcome the friction and opaqueness of the leg-acy financial infrastructure in the company funding process, particularly in the early-stage and equity crowdfunding domain. While Initial Coin Offerings and Se-curity Token Offerings proposed a solution for crowdfunding, early-stage compa-nies still face challenges in using blockchain as an alternative equity funding infra-structure. In this context, the idea of blockchain-based equity tokens remains hypo-thetical. In addition, the literature lacks design theory for the development and im-plementation of blockchain-based equity tokens. This research bridges this gap by designing, developing, and evaluating an equity token prototype for crowdfunding, following the design science research (DSR) approach. We propose a refined crowdfunding model and derive seven design principles that contribute to the de-sign theory of equity tokens. The research results show that blockchain-based equi-ty tokens improve efficiency, transparency, and interoperability while meeting reg-ulatory requirements and facilitating secondary market trading.

Further data

Item Type: Article in a journal
Refereed: Yes
Keywords: Blockchain; Design Science; Equity Crowdfunding; Initial Coin Offering; Security Token Offering; Tokens
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Business Administration
Research Institutions
Research Institutions > Affiliated Institutes
Research Institutions > Affiliated Institutes > Fraunhofer Project Group Business and Information Systems Engineering
Research Institutions > Affiliated Institutes > FIM Research Center Finance & Information Management
Result of work at the UBT: Yes
DDC Subjects: 000 Computer Science, information, general works > 004 Computer science
300 Social sciences > 330 Economics
Date Deposited: 02 Nov 2022 11:31
Last Modified: 02 Nov 2022 11:31
URI: https://eref.uni-bayreuth.de/id/eprint/72573