Service Innovation with Blockchain at Primechain Technologies

Abstract

The blockchain technology is gaining popularity and CXOs and managers are keen to implement blockchain based services. These technologies offer a radical departure from the transaction based systems prevalent in the market. There is a lack of awareness about the technology and its application in designing new services. This case study aims to explain the characteristics of this atypical technology platform, its applications, and challenges. Prime chain Technologies is one of the pioneering start-ups aiming to build blockchain based services for the Indian market and abroad. Their efforts and experiences offer an opportunity to study the nuances of service innovation in blockchain. The blockchain technology is still maturing. A majority of blockchain initiatives across the world are limited to proof-of-concept. Likewise, Prime chain too did a number of proof-of-concept projects. The case deals with the protagonist Nagpal’s dilemma while taking the company on its growth path, which entails taking the projects beyond the experimentation stage and launching the services in the market. The case study is intended to allow management students a glimpse into the blockchain technology and appreciate the opportunities and challenges offered by a new age technology platform in general and blockchain technology in particular.