Communication adds Value to the Business. Prospects of Blockchain Technology

In this paper we explore the role of blockchain technology as an opportunity to improve corporate communications within the overall process of digitalization. The manuscript builds on a literature review and the previous development of a theoretical background to the topic. The article then proceeds to present and justify a possible mechanism by which blockchain would allow for a greater dissemination of information to stakeholders through the creation of increased selectivity, timeliness and quality of the flow of communications. The proposed framework is based on the reasoning that the properties of blockchain: decentralization, encryption and immutability of the data hosted on the platform ensure secure and auditable communications of hard and soft information transacting value in corporate governance strategic credibility. The model depicts how installing distributed communications nodes within organizations may streamline operational procedures, facilitate greater openness and data integrity and help to synchronize consistency of information across business units and customers. The mechanism also realistically accounts for potential barriers of entry costs investment, technical complexity and significant changing regulatory work needed to gain initial adoption. Positioning blockchain technology within the wider subject area of business communications can help develop a general and holistic view of the potential impact of new technology on communication not just internally within firms, but also with external stakeholders (Oubaziz and Matmar 2021). The contribution of this paper is theoretical but lays out a conceptual model that can be used for empirical research in various organizations across different industries and settings to test and further the proposed theory.