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Keywords

blockchain; industrial ecosystem; knowledge innovation strategy; tripartite evolutionary Game

Abstract

As a versatile technology applicable to various fields in the digital economy era, blockchain continues to empower all aspects of life and is regarded as the core disruptive digital technology of the new generation. The emergence of digital technology enables industrial ecosystems to access data, information and knowledge on a large scale, thereby expanding the theoretical development relevant to existing industrial ecosystems. The industrial ecosystem is formed through continuous research and development of new products, technologies, and knowledge by different innovation entities focused on value realization. These entities primarily include leaders, upstream and downstream suppliers, partners, and other stakeholders. According to the Blockchain White Paper (2023), the application of blockchain technology plays a crucial role in both digital economy development and network power construction. Exploring the knowledge innovation strategies of the innovation subjects in the blockchain industrial ecosystem is conducive to promoting the benign interaction and collaborative evolution of knowledge innovation subjects in the blockchain industrial ecosystem. Based on the evolutionary game theory of bounded rationality, we construct a tripartite evolutionary game model that includes core enterprises, academic and research institutions, and service intermediaries as key players. At the same time, we discuss the impact of knowledge innovation subsidies, knowledge absorption and knowledge integration on the selection of knowledge innovation strategies within this game system. Core enterprises play a pivotal role in driving knowledge innovation in the blockchain industry ecosystem, and their strategy choices directly influence the driving force of knowledge innovation within the system. The knowledge integration capacity and knowledge absorption capacity of the blockchain industrial ecosystem are directly proportional to its knowledge potential energy as am innovation subject. Innovation subsidies provided by core enterprises within the blockchain industry ecosystem have significantly enhanced the enthusiasm for knowledge innovation among research institutions and information intermediaries, however, excessive innovation subsidies may lead to opportunistic behavior. Based on the aforementioned research findings, this paper proposes the following recommendations. First, core enterprises, academic and research institutions, and service intermediaries should actively embrace their responsibilities within the blockchain industry ecosystem. By leveraging their resource reserves effectively, core enterprises should strengthen connections with other entities in the blockchain industrial ecosystem to mitigate potential risks associated with information isolation. This will promote stability within the operation of the blockchain ecosystem while supporting innovation and growth within research institutions and service intermediaries. Academic and research institutions should focus on transforming scientific achievements into practical applications by establishing a platform for achievement transformation and knowledge sharing. Through active knowledge sharing initiatives, they can foster exchange and interaction of knowledge resources with core enterprises while fostering a culture of willingness towards collaborative knowledge sharing among multiple stakeholders. Additionally, it is crucial for academic and research institutions to establish trust mechanisms with blockchain enterprises as well as other entities to reduce costs associated with knowledge flow. Such measures can significantly enhance enterprise competitiveness. Service intermediaries should leverage their specialized services effectively by integrating their own expertise along with that from various subjects involved in order to share innovation risks related to knowledge within the blockchain industry thus providing effective information guarantee for core enterprises to obtain external knowledge, and help core enterprises improve innovation efficiency. Second, knowledge innovation entities within the blockchain industry ecosystem should enhance their capabilities in integrating and absorbing knowledge. On the one hand, this will facilitate the acquisition and dissemination of new technological knowledge from external sources, enabling multiple entities to effectively assimilate and reduce the challenges associated with integrating, absorbing, and sharing knowledge. Effective knowledge exchange can significantly alleviate these difficulties for innovation entities. On the other hand, substantial support in terms of knowledge will greatly contribute to promoting a robust network of innovative entities within the blockchain ecosystem. This will foster stronger collaboration between core enterprises, research institutions, and service intermediaries in terms of technology and knowledge. Third, core enterprises should establish a well-structured innovation subsidy system to maximize the benefits derived from investment in innovation subsidies. During the initial stages of developing the blockchain industry ecosystem, core enterprises should provide targeted subsidies and support to academic and research institutions as well as service intermediaries. The financial assistance resulting from innovation subsidies can assist SMEs within the blockchain ecosystem in acquiring additional knowledge resources, mitigating risks associated with R&D and innovation, and facilitating the implementation of technological achievements by enterprises. As core enterprises attain a dominant position, they should gradually reduce subsidies to prevent potential abuses arising from excessive reliance on innovation subsidies, thereby fostering a mutually beneficial relationship with other entities involved in innovation. Simultaneously, academic and research institutions along with service intermediaries must make effective use of the innovation subsidies provided by core enterprises, ensuring that these funds are dedicated towards enhancing knowledge creation processes within businesses. By continuously improving their knowledge potential energy within the blockchain industry ecosystem, they can create an optimal development environment for this sector while promoting both innovative quality and efficiency among multiple agents.

DOI

10.16315/j.stm.2024.02.003

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