Evolution of Blockchain Technology: Dynamics of Knowledge Flow and Thematic Trends

Abstract

Blockchain technology has emerged as a transformative force across various industries, prompting significant attention and research efforts. This study examines the evolution and landscape of blockchain technology by analyzing the U.S. patent database. In particular, it explores knowledge flow in blockchain technology by incorporating various methodologies such as LDA topic modeling, citation network analysis, and main path analysis. The categorization of blockchain technology into topics was conducted using the LDA machine learning model, which can provide more objective and robust topic classification than traditional subjective methods. Using this classification, this thesis explores the relationships between topics and analyzes the evolution process of each topic via network analysis. Based on the topic modeling, this paper mainly focuses on three predominant themes within blockchain research: data management, network security and privacy, and smart contracts. This thesis first shows that specific themes are concentrated in certain geographic regions, with US inventors prominent in smart contracts, Chinese inventors in data management, and European inventors in network security and privacy. This thesis also observes distinct dynamics between established companies and new entrants across different thematic domains. New entrants initiate knowledge flows, and established companies leverage their expertise to consolidate and advance innovations, especially in the smart contract domain. In terms of assignees’ role and position in the knowledge flow system, it shows that knowledge exchange hubs predominantly consist of established companies which leverage their experience and resources to shape industry standards, while new entrants introduce fresh perspectives and innovative approaches by challenging existing paradigms. These results offer valuable insights into the blockchain ecosystem, enabling both established firms and new entrants to strategically navigate the competitive market environments. The insights gained from this thesis can help companies enhance their R&D strategies, foster innovation, and maintain or attain technological leadership in the rapidly evolving blockchain market.