sustainability

Article
Blockchain Technology and Sustainable Business Models:
A Case Study of Devoleum
Francesco Mercuri *, Gaetano della Corte and Federica Ricci

Department of Law and Economics of Productive Activities, Faculty of Economics, Sapienza University of Rome,
Piazzale Aldo Moro, 5, 00185 Rome, Italy; [email protected] (G.d.C.); [email protected] (F.R.)
* Correspondence: [email protected]

Abstract: The lack of transparency along global supply chains poses challenges in the areas of
fraud, pollution, human rights abuses, and inefficiencies. In this context, the blockchain has the
potential to offer an unprecedented level of transparency, with a shared and decentralized database
in which immutable and encrypted copies of information are stored on every node of the network.
Using a single case study methodology, this paper investigates how blockchain technology can
improve and facilitate sustainable business models. The aim of this paper is to understand how
blockchain technology can drive the development of sustainable business models. Recent studies
show the importance of sustainability perspectives for business models. The study was conducted
by applying the CAOS (“Characteristic, Ambience, Organization, Start-up”) model to a start-up
operating in the agri-food sector, not yet institutionalized, called Devoleum. The results indicate
that blockchain technology can increase sustainability through realizing the traceability, security, and
non-manipulability of information, which are particularly useful in the agri-food sector. Furthermore,
the absence of intermediaries in blockchain technology contributes to reducing transaction costs and



the time required to consolidate relations between the company and the environment. The limitations


of this study must be identified in that the company is operational but not yet incorporated.
Citation: Mercuri, F.; della Corte, G.;
Ricci, F. Blockchain Technology and Keywords: blockchain; case study; transaction cost; sustainability; CAOS model
Sustainable Business Models: A Case
Study of Devoleum. Sustainability
2021, 13, 5619. https://doi.org/
10.3390/su13105619
1. Introduction
Academic Editor: Roberto Cerchione In recent years, scholars have dedicated increasing attention to the use of the blockchain
in business models. In fact, research on the scientific database Scopus shows that, while
Received: 22 March 2021 there are more than 17,975 documents published on the blockchain according to the data
Accepted: 14 May 2021 on 2 January 2021, when considering only the subject area of “Business, Management and
Published: 18 May 2021 Accounting”, the documents available totaled 2402.
An interesting element regarding the growth in the number of papers about blockchain
Publisher’s Note: MDPI stays neutral in the last few years is the following: in 2016, the contributions in the subject area “Business,
with regard to jurisdictional claims in Management and Accounting” totaled 21; in 2017, they totaled 115; in 2018, there were 579;
published maps and institutional affil- in 2019, there were 702; and, finally, they totaled 899 in 2020.
iations. According to the definition given by the European Commission, the blockchain has
been recognized as a necessary tool to foster the development of equity and to make the
digital economy inclusive, secure, and democratic in such a way as to have an impact on
the way we think about our economic, social, and political institutions (EU 2020).
Copyright: © 2021 by the authors. According to [1], the blockchain is a digital, decentralized, and fair share tracking sys-
Licensee MDPI, Basel, Switzerland. tem in which transactions are recorded and added in chronological order with the aim of cre-
This article is an open access article ating permanent tracks free from possible modifications or tampering. In 2018, blockchain
distributed under the terms and ranked among the top five technologies [2,3]. In general, innovative technologies have
conditions of the Creative Commons been studied as a vehicle for increasing efficiency and promoting sustainability [4].
Attribution (CC BY) license (https:// In particular, some studies concluded that the blockchain is able to lay the foundations
creativecommons.org/licenses/by/ for the creation of a new economic–social system [5,6].
4.0/).

Sustainability 2021, 13, 5619. https://doi.org/10.3390/su13105619 https://www.mdpi.com/journal/sustainability

Sustainability 2021, 13, 5619 2 of 14

This study, following multiple recently published studies, calls for increased research
efforts toward a better understanding of the role of emerging technology in the sustainabil-
ity of organizations [7–9] and focuses on the blockchain as a vehicle for sustainability in
business models.
Following the approach of previous research, this work investigates the role of
blockchain as an incentive tool for sustainability in business models.
Building on this research field, this paper uses a single case study methodology [10]
to investigate how the blockchain technology might be used to develop sustainability in
business models.
In particular, the research question (RQ) of this study is the following:
RQ: How can blockchain technology support and facilitate the development of sustain-
ability in business models?
The case study to be examined relates to a start-up, not yet institutionalized, named
Devoleum, which aims to offer a transparent and accessible service to consumers and pro-
ducers using the immutability of blockchains as an added value, proving the authenticity
of the impossibility of manipulating the stored data.
To answer our research question, we applied the CAOS model [11–14], which makes
immediate the description of all the variables affected by the case study and is able to
showcase the potential relationships supported by the blockchain (primary links of the
first, second, and third types) that lead to the development of sustainability.
This paper is structured as follows: Section 2 provides a review of the literature on
blockchain technology and sustainability. Section 3 describes the methodology used for the
analyzed case study. Section 4 shows the findings of the case study, Devoleum. Section 5
provides the discussion. Finally, Section 6 presents the conclusions and limitations of
our paper.

2. Literature Review and Background

In order to review the literature on the sustainability of the current business models
and the impact of blockchain on enterprises’ performance, we will provide a review of
blockchain technology (BT) concepts, investigating how BT influences the application of
sustainable practices within the supply chain.

2.1. Blockchain Technology

In 2008, Satoshi Nakamoto introduced and conceptualized the blockchain, which has
been defined in different ways. The mainly accepted definition is that it consists of an
open, shared, decentralized, and distributed digital ledger (i.e., a ledger of all payment
transactions) in which transactions and data relating to the parties involved in the transac-
tion are recorded and added in chronological order, with the aim of creating permanent
and tamper-proof records [15]. Blockchain is also considered part of the distributed ledger
(DLT) technologies, which are systems based on a distributed ledger—that is, systems in
which all the nodes of a network have the same copy of a database that can be read and
modified independently by the individual nodes.
Blockchain solutions are those in which the ledger is structured by blocks, also called
“nodes”, containing multiple transactions, and the nodes are linked together through a
cryptographic system. These nodes allow the immutability of the chain, since for each of
them, the system requires a consensus function to verify the transitions. This structure
allows the network to act as a server that hosts non-modifiable data, where it is possible to
identify potential anomalies by participants [16].
The main differences between blockchain technology and other information system
projects are identifiable according to four key characteristics: (a) non-localization (decen-
tralization), (b) security, (c) verifiability, and (d) smart execution [8]. As already mentioned,
a blockchain is a digital ledger that is stored on multiple computers in a public or private
network. When a transaction occurs, it is inserted into interconnected “blocks” that gen-
erate an irreversible chain that can no longer be modified. Once the node is verified and
Sustainability 2021, 13, 5619 3 of 14

added to the blockchain, a chain of trust is generated by creating multiple copies created in
a decentralized way.
Blockchain technology can be considered one of the greatest revolutions in the digital
world, even if it is considered by some as the natural consequence of the development of
the Internet [17]. Its effects could be compared to those that occurred several years ago in
the commerce sector with the adoption of the Internet, which had disruptive effects and
heavily influenced supply chains [1].
Different sectors of heterogeneous nature are witnessing an increasing use of blockchain
technology within them, such as medical records management, supply chains, banking and
financial services, insurance, the long-term preservation of digital archives, the Internet of
Things (IoT), the sharing economy, and distributed access control [18]. The blockchain is
not a technology in its own right but is based on a number of other technologies as well as
cryptography and the Internet, which is used as an infrastructure; the actual blockchain is
used to store transaction records and establish consensus rules [1]. Based on the type of
access control, two main types of blockchains can be distinguished: public or private. In
a public blockchain, transactions do not require any kind of authorization and users can
remain anonymous. The most important examples of a public blockchain are Bitcoin and
Ethereum, the use of which does not require the authorization of other members. Instead,
within a private blockchain, participants must obtain an invitation or permission to join.
Groups of people or a single organization control the access [19].
Smart contracts are one of the main innovations generated by blockchain technol-
ogy [6]; they are self-managing contracts or contracts that, once defined, do not need a
person or a notary to allow their implementation but are self-executed upon the occurrence
of established conditions. In this way, it is possible, for example, to pay due compensa-
tion or to initiate an action provided for under certain circumstances. Smart contracts
have made it possible to create the so-called “smart marketplaces”, which allow for the
disintermediation of transactions owing to the technology that has so-called “trust-less”
characteristics; i.e., they do not require a guarantor for the validation of transactions. In this
sense, the IoT (Internet of Things) introduces the opportunity to certify events that occur
automatically, also through smart contracts, and without the intervention of human beings.

2.2. Blockchain for Sustainable Supply Chain

The genesis of the new sustainable business models, which are progressively expand-
ing in contemporary society, is to be found in the growing digitalization. This transforma-
tion moves from the adoption of industry 4.0 technology such as the Internet of Things (IoT),
Artificial Intelligence (AI), big data analysis, cloud computing, and 3D printing [20–22].
The adoption of blockchain technology has contributed to promoting a sustainable and
secure implementation of enabling technology, such as IoT [23], 3D manufacturing [24],
additive manufacturing [25], food supply [26,27], and healthcare [28].
In the context presented here, blockchain can contribute to developing and coordi-
nating novel sustainable business models, promoting elements of sharing, optimizing,
virtualizing, and, most importantly, exchanging. This constitutes a driving force to achieve
sustainability goals. In this context, blockchain can be valuable as a tool for coordination,
helping to connect and coordinate multiple distributed and updated databases [29]. More-
over, blockchain technology adopts decentralization and tamper resistance [30], which,
combined with its functionality for smart contracts [8] and tokenization [30], can help
achieve the above sustainability outcomes.
The promotion of a new business model can lead to the reduction in waste and the pro-
motion of an increasingly traceable and safe product offer, increasing social responsibility,
which should be considered as a key element for achieving sustainability objectives [31].
This is where blockchain technology can make an important contribution by providing
an interconnected complex system that is able to update servers simultaneously and
irreversibly. A necessary condition for blockchain to be effectively implemented is that the
companies belonging to the network also reconfigure their business model in adopting
Sustainability 2021, 13, 5619 4 of 14

the elements required by the new technology. The adoption of blockchain technology
can represent a positive instrument to better achieve sustainable goals and to increase the
performance of the companies involved.

3. Research Methodology and Data Collection

To bridge the gap between theory and practice and to have a critical and structured
overview of the proposed topic, we used the case study method [10,32–34], examining
a single case as well as cases recommended by the literature [10,35–38]. A case study is
appropriate for the analysis of single phenomenon against the background of their context
in terms of personal, historical, and life history aspects [39].
Case studies are tailor-made for exploring new processes or behaviors or ones that are
little understood [40] and thus represent an ideal methodology when a holistic, in-depth
investigation is needed [41]. The strengths of case studies are related to the opportunity for
researchers to obtain a holistic view of a phenomenon or a series of events, providing a well-
defined snapshot of a set of sources used to conduct the analysis [42]. Another advantage
of using a case study is related to the possibility of obtaining a flow of information on the
organizational activity of companies, especially in sectors subject to rapid changes [40],
and it allows the researcher to “go deep” to learn what works and what does not [43].
The methodology used for the implementation of our case study is based on the
indications of previous studies in the literature [10,34], following the methodological
approach of Yin [10], which identifies four phases to follow in defining the case study
(design the case study, conduct the case study, analyze the case study evidence, and
develop the conclusions and implications) and respecting a process that includes the
following qualitative methods of data collection: literature review, document analysis, and
qualitative interviews.
As mentioned previously, similar to prior studies [33–39], this research uses a range of
qualitative data for the analysis of a single case study.

3.1. Research Protocol

To achieve the paper’s aim, the research methodology was structured in four phases [44]:
(1) The first step was structured according to two topics: blockchain technology and
sustainability. Through this phase, the link between these two themes and the need to
develop further studies in empirical terms has emerged;
(2) The second step aims to find the existing link between the selected topics and the
recent scientific papers published;
(3) During the third step, an explorative phase, information was gathered. Devoleum, an
Italian start-up, was chosen as a case study. This start-up represents a decentralized
solution that tracks and analyzes food supply chains using Ethereum Blockchain, AI,
and IPFS;
(4) In the fourth step, an interview was carried out by performing a content and quali-
tative analysis. Through the interview, the collected information was categorized in
order to understand how the topics impact on business models.
The analysis was carried out by a research protocol [10] to validate the results.

3.2. The CAOS Model

As mentioned earlier, we used a single case study to analyze the blockchain process
carried out by Devoleum. The collection of the information necessary to analyze the case
study, in compliance with the regulations in force on the containment of infections due to
the COVID-19 virus, took place through online interviews, using Google Meet software for
remote virtual meetings.
To answer our research question, we used the CAOS model [11], which represents
the anglicized acronym of “personal characteristics, environment, organizations, start-up”
and highlights all the factors that contribute to the characterization of relationships and is
Sustainability 2021, 13, 5619 5 of 14

therefore effective in giving them a vision of the whole, of the reciprocal connections, and,
at the same time, of existence in an independent form [11].
The CAOS model has acquired considerable importance in recent years, including at
an international level. The use of this model is transversal. This is demonstrated by the
work carried out on the subject of relational capital, particularly regarding the start-up
phase of micro-enterprises [12]; the model was also used to investigate how relational
capital is able to increase the performance of small and medium enterprises (SMEs) run by
women [13]. The CAOS model makes it possible to analyze the factors that can influence
the start of new activities and, in particular, the role that relational capital can play in
female-run enterprises [14]. Furthermore, the CAOS model was used to conduct research
on the use of “mini-bonds” to support and develop the sustainability of the agro-food
sector and local products, such as pecorino cheese [45], and to analyze the link between
innovation technology, relational capital, and the intangible value for the environment,
focusing on the SMEs of the agro-food sector [45].
As mentioned, the CAOS model takes into consideration four elements on which it
bases its conceptualization:
(1) The entrepreneur (C), considering his personal characteristics;
(2) The environment in which the company operates (A);
(3) The organizational and managerial aspects (O);
(4) The motivations behind a new business and the particular phase in which the business
is observed (S).
Therefore, referring to the CAOS model [11], the determinants of the analysis are the
following:
The entrepreneur (C): This concerns the personal distinctive factors of the entrepreneur,
one’s ability to influence the organization, and the choices made by the company, as well as
the ability to create networks and benefit from them. The elements that characterize these
dimensions are the following:
(1) Information relating to the entrepreneur or company;
(2) Motivations behind the business;
(3) Company objectives;
(4) Legal status;
(5) Implementation of the decision-making process.
The environment (A): This describes the social, economic, and cultural context in
which the company operates. These elements have the ability to influence the relationships
that the company creates by interacting with the subjects not only in this context, but also
on the national economic system as a whole.
Organizational and managerial aspects (O): This level identifies the objectives to be
achieved and the tasks and responsibilities of the entrepreneur within the company. The
following are the elements to consider:
(1) Identification of roles;
(2) Assignments of responsibilities;
(3) Procedures necessary to allocate tasks and responsibilities, as well as to define the
procedures for executing corporate roles and actions.
The motivations behind the business and its life phase (S): This describes the initial
start-up phase of the business in which the entrepreneur focuses on the following:
(1) Study of the environment;
(2) Writing a business plan;
(3) Acquiring financial sources;
(4) Choice of legal form;
(5) Definition of the organizational structure;
(6) Establishing the business.
The choice of the CAOS model is justified by the fact that Devoleum is in a start-up
phase and, at the time of writing, it is not yet legally constituted.
 (4) Choice of legal form;
(5) Definition of the organizational structure;
(6) Establishing the business.
The choice of the CAOS model is justified by the fact that Devoleum is in a start-up
Sustainability 2021, 13, 5619 phase and, at the time of writing, it is not yet legally constituted. 6 of 14

3.3. Data Collection and Analysis

In order to obtain the data and ensure the validity of the construct [10], we collected
3.3. Data Collection and Analysis
the necessary information from multiple sources.
In order
In to obtain
particular, the data and
we examined the ensure the validity of
public information the construct
available [10],company’s
from the we collected
of-
the necessary information from multiple sources.
ficial website, as well as everything that emerged from the interviews with the founders.
In particular,
We also we examined
collected third-party the public
information information
about available
the company: fromwith
interviews the company’s
experts not
official website, as well as everything that emerged from the interviews
related to the organization, posts published on social media, and interviews with the founders.
with the
We also collected
founders [9,46,47].third-party
Case studyinformation about thecollected
data were primarily company: interviews
between with2020
October experts
and
not related to
February 2021. the organization, posts published on social media, and interviews with the
founders [9,46,47]. Case study data were primarily collected between October 2020 and
We followed a multi-stage process: we started with an initial interview with Lorenzo
February 2021.
Zaccagnini for cognitive purposes to capture the first elements of the start-up. Subse-
We followed a multi-stage process: we started with an initial interview with Lorenzo
quently, we carried out three other interviews in the presence of the co-founder Elisa
Zaccagnini for cognitive purposes to capture the first elements of the start-up. Subsequently,
Romondia. The interviews were held on the digital platform Google Meet for reasons re-
we carried out three other interviews in the presence of the co-founder Elisa Romondia.
lated to the epidemiological emergency due to COVID-19, lasting an average of 90
The interviews were held on the digital platform Google Meet for reasons related to
minutes, and were carried out following an inductive approach, asking the interviewees
the epidemiological emergency due to COVID-19, lasting an average of 90 min, and were
open-ended questions. In this way, we were able to check and compare our initial theo-
carried out following an inductive approach, asking the interviewees open-ended questions.
retical knowledge with respect to what was explained to us by the interviewees. The over-
In this way, we were able to check and compare our initial theoretical knowledge with
all analysis was also verified and accepted as accurate by multiple key informants at Devo-
respect to what was explained to us by the interviewees. The overall analysis was also
leum [10].
verified and accepted as accurate by multiple key informants at Devoleum [10].
3.4.
3.4. The
The Model
Model to
to Analyze
Analyze the
the Case
Case Study
Study
The factors of
The factors of the
the CAOS
CAOS model
model described
described above
above are
are interrelated
interrelated andand influence
influence each
each
other; together they can contribute to determining the quality, quantity,
other; together they can contribute to determining the quality, quantity, and intensity and intensity of
existing relationships. The following graphic (Figure 1), which is a representation
of existing relationships. The following graphic (Figure 1), which is a representation of of these
factors [11], placed
these factors at theatextremes
[11], placed of what
the extremes the author
of what callscalls
the author “the“the
rectangle of CAOS”,
rectangle of CAOS”,il-
lustrates
illustratesthe
thecomplex
complexset setofofconnections
connectionsexisting
existing between
between thethe personal
personal aspect (C) and the
macro-company
macro-company (A), corporate (O), and temporal (S) aspects aspects of of enterprises.
enterprises. The
The dashed
dashed
lines represent the primary connections between the elements that distinguish the model,
represent the
while the solid lines represent the secondary
secondary connections.
connections.

Figure 1.1. The

TheCAOS
CAOS rectangle.
rectangle.Source: adapted
Source: by [11]The
adapted model
by [11]. Thewe usedwe
model to analyze
used tothe relation-
analyze the
ships in this case study can be explained by referring to the matrix proposed by Paoloni [45],
relationships in this case study can be explained by referring to the matrix proposed by Paoloni [45],
which bases
which bases its
its analysis
analysis on
on four
four types
types of
of relationships.
relationships.

The matrix is made up of the type of temporal link between the company and the
variable under consideration (permanent or temporary) and the type of relationship (formal
or informal).
The model, as mentioned earlier, highlights four types of relationships, as shown in
Figure 2.
 The matrix is made up of the type of temporal link between the company and the
variable under consideration (permanent or temporary) and the type of relationship (for-
mal or informal).
Sustainability 2021, 13, 5619 7 of 14
The model, as mentioned earlier, highlights four types of relationships, as shown in
Figure 2.

Figure
Figure2.2.Type
Typeofofrelations
relationsininthe
theCAOS
CAOSmodel.
model.Source:
Source:[45].
[45].

TheCAOS
The CAOSmodel model[11]
[11]subjects
subjectsitsitsfour
fourelements
elementstotorigorous
rigorousanalysis.
analysis.Specifically,
Specifically,the
the
connectionsthat
connections thatconnect
connectpoint
pointS Swith
withpoints
pointsC,C,O,O,and andAAare arethe
theprimary
primaryconnections
connections
becausethey
because theyrepresent
representthethefocal
focalpoint
pointofofallallcommercial
commercialrelations.
relations.
AsAsmentioned,
mentioned,connections
connectionsare arecharacterized
characterizedbybydifferent
differenttypes
typesofofrelationships:
relationships:for-for-
mal,informal,
mal, informal,temporary,
temporary,and andpermanent.
permanent.
Hence,the
Hence, theprimary
primaryconnections
connectionsare: are:
(1) First
(1) First (S–C/C–S);
(S–C/C–S);
(2) Second (S–O/O–S);
(2) Second (S–O/O–S);
(3) Third (S–A/A–S).
(3) Third (S–A/A–S).
Thefirst
The firstprimary
primaryconnections
connectionsconcernconcernthe theinitial
initialphase
phaseofofcontact
contactbetween
betweenthe thefirm
firm
and the subjects necessary to start the activity; this depends on the
and the subjects necessary to start the activity; this depends on the characteristics of the characteristics of the
company and the needs and motivations of the subjects involved.
company and the needs and motivations of the subjects involved. The formal relationships The formal relationships
presentininthe
present thestart-up
start-upphase
phaseare,are,among
amongothers,
others,allallthose
thosethat
thatare
areestablished
establishedinina aprelim-
prelim-
inary manner between the company and the competitive players
inary manner between the company and the competitive players (customers, suppliers, (customers, suppliers,
lenders,and
lenders, andstakeholders).
stakeholders).
In particular, inin
In particular, Devoleum,
Devoleum, thethe formal
formal relationships
relationships present
present in start-up
in the the start-up
phasephase
are
are the contacts with the companies that decide to use the blockchain
the contacts with the companies that decide to use the blockchain to declare the sustaina- to declare the
sustainability of the supply chain.
bility of the supply chain.
The second primary connections are those relationships established between the
The second primary connections are those relationships established between the en-
entrepreneur and the organizational structure of the business, to define the roles, tasks, and
trepreneur and the organizational structure of the business, to define the roles, tasks, and
responsibilities, as well as the relationships between the various top management bodies.
responsibilities, as well as the relationships between the various top management bodies.
Such links are not yet defined in Devoleum as it is not yet incorporated as a company
Such links are not yet defined in Devoleum as it is not yet incorporated as a company and,
and, therefore, will be formalized within the structure only after the company has been
therefore, will be formalized within the structure only after the company has been incor-
incorporated.
porated.
The third primary connections during the start-up phase concern the company and
The third primary connections during the start-up phase concern the company and
the environment in which it operates. These relationships are exogenous with respect to the
the environment in which it operates. These relationships are exogenous with respect to
firm (as they derive from the outside), and the environment represents the beating heart of
the firm (as they derive from the outside), and the environment represents the beating
the relational circuit. Relations with the environment represent the heart of the relational
heart of the
circuit, as therelational
businesscircuit.
idea ofRelations
Devoleumwith the environment
is based on the willingnessrepresent the hearttoofcertify
of companies the
the sustainability of the supply chain through the blockchain.

4. The Case Study

Devoleum is an open-source web app that transforms data from physical or digital
supply chains into living and authentic stories.
Sustainability 2021, 13, 5619 8 of 14

To describe the case in the following subsection, an exploratory and descriptive

approach was utilized [45].

4.1. The Entrepreneur (C)

Devoleum is a start-up in the process of being established, which represents a decen-
tralized solution that tracks and analyze food supply chains using Ethereum Blockchain, AI,
and IPFS. It organizes data from physical or digital supply chains into meaningful stories,
making each step immutable on blockchain or other distributed systems. Furthermore,
Devoleum automatically creates a product storytelling, easily accessible from any device,
simply by scanning a smart tag, and is an open-source project, free and open to all.
Although the legal form has not yet been defined, the owners have already started
some non-profit collaborations with three different companies operating in the Italian
territory to make their product offer known and increase their network of acquaintances.
The company has two co-founding partners, Lorenzo Zaccagnini and Elisa Romondia,
both graduates in psychology. Their idea comes from their previous experience in the
psychological field through a remote security application known as “Dammi la mano”,
which uses a special algorithm capable of tracking the position of a user with maximum
precision, allowing the caregiver to provide assistance in real time. That idea gave birth
to the Devoleum project as the founders have preserved the added value of traceability,
moving from “people” to companies. In particular, Devoleum tracks the supply chain of
companies without sector constraints.

4.2. The Environment (A)

Devoleum is potentially open to the international market. The business idea was
awarded at the “Station F” in Paris and, in this start-up phase, it invested in advertising
through the main social networks. At the time of writing, Devoleum has shaped three
different experiments to track the sustainability of the supply chain through the blockchain
of companies operating in the agri-food sector. The choice of the agri-food sector is
motivated by the fact that it is a sector in which the consumer is particularly sensitive to
sustainability disclosure [48,49].
In particular, Devoleum deals with managing the blockchain of three different compa-
nies:
(1) Coltivatori di Emozioni e Cascina Bosco Fornasara, a company specializing in the
cultivation and sale of “Carnaroli Classico” rice, with headquarters in the province of
Pavia;
(2) Inserrata, a farm specialized in the production of olive oil and organic wines, located
in the Tuscany region;
(3) MonteFedele, a farm operating in southern Italy, in Puglia, specializing in the produc-
tion of extra virgin olive oil in the territories of the Apulian Monti Dauni.

4.3. Organizational and Managerial Aspects (O)

From our interview, it emerged that the start-up Devoleum, not yet duly registered in
the register of companies, is in an organizational and managerial stalemate.
One of the two founders expressed some doubts from an organizational point of view,
especially in the choice of external professional elements necessary to start the business,
including an accountant. According to the owners, in Italy, the blockchain is still known at
an extremely superficial level, and even the skills and knowledge required of specialized
subjects seem to be scarce and not detailed.
Furthermore, due to the fact that the company does not yet have its own company
name, as its legal form has not yet been defined, it operates with unpaid collaborations.
If, on the one hand, collaboration with companies is a driving force for business from the
point of view of the creation of the network at a national and international level, on the
other hand this situation of stagnation does not allow the possibility of making structural
investments to grow and expand the company and its business proposal.
Sustainability 2021, 13, 5619 9 of 14

Beyond these dynamics, which could be resolved in the coming months, the company
operates through Ethereum, the reference blockchain for the creation of smart contracts.
According to previous studies [1], smart contracts increase trust among the subjects
who decide to sign them, promote transparency, and, consequently, reduce transaction
costs and increase the social proof effect. The reduction in transaction costs occurs through
the traceability of the supply chain. As the founder Zaccagnini himself expressed it, “the
basic idea is that all stages of the production process are traceable through smart contracts,
which are transparent, public but impossible to manipulate. At the same time, Devoleum
protects its users with a privacy-oriented design. Devoleum, through the notarization of
anonymous cryptographic codes on the blockchain, gives authenticity to the supply chain”.
According to this perspective, it has been observed that smart contracts allow better
coordination between the different activities, generating a new way of doing business and
eliminating intermediaries, so that this direct mechanism can improve the traceability and
transparency of transactions, enhancing the trust between the parties [29,50–53].
One of the main reasons that pushes companies to adopt the blockchain is the desire
to trace the phases of the production process in order to attract consensus. From this
perspective, the blockchain can be considered a “sustainability disclosure”.
The participants (the nodes of the blockchain) verify the accuracy of the information
reported, then the digital agreement becomes part of a block. In this way, through the
cryptographic proof that refers to the passage of the supply chain, the signature becomes
immutable and cannot be manipulated, which allows Devoleum and the customer greater
control and transparency.
The data of the passage are given by the company’s customers, who assume civil and
criminal responsibility for false declarations on the quality, origin, and authenticity of the
product.

4.4. The Motivation behind the Business and Its Life Phase (S)
This section explains the reasons behind the business and what the advantages may
be from the activity carried out by Devoleum in its start-up phase.
As mentioned previously in Section 4.1, Devoleum organizes data from physical
or digital supply chains into meaningful stories, making each step immutable on the
blockchain or other distributed systems.
In practice, Devoleum does not track the product itself, but the data of the supply
chain that are provided by the companies on a specific product; in this way, through a
standardized data format, comparisons and an automated service can be obtained. The
data of the supply chain are provided directly by the client companies.
Devoleum, through a pyramidal structure, organizes the data in chronological order
and with different degrees of detail, tracing every single step of the supply chain that the
product has followed, as shown in Figure 3.
In particular, the base of the pyramid shows the elements relating to the tracking of
the inputs used for the creation of the product, the starting date of the manufacturing
process, and the specific technical/qualitative characteristics that the product must respect.
Going upwards, in the second section of the pyramid, the elements relating to the place of
processing of the product, the quantities processed, the processing method, and place of
departure of the product are traced. The penultimate block of the pyramid specifies which
product was made, as well as the mode of transport and the place of delivery. Finally, at
the top of the pyramid, the price of the product is traced and a code is assigned to it in
order to make it easy and fast to track the product through time and space.
From our interview, it emerged that the company’s business model is based on what is
called in the jargon “notarization”: through this procedure, Devoleum is able to notarize the
individual steps of the supply chain of a given product by inserting cryptographic evidence
of each step that cannot be changed or manipulated. Every single notarized passage has a
cost for the company’s clients, and it is therefore on this mechanism that Devoleum will be
able to keep itself alive and expand both economically and geographically.
Sustainability 2021, 13, 5619 10 of 14
Sustainability 2021, 13, x FOR PEER REVIEW 10 of 15

Figure 3.
Figure 3. Pyramidal
Pyramidal organization
organization of
of Devoleum’s
Devoleum’s blockchain
blockchain tracking.
tracking. Source(s):
Source(s): authors.
authors.

The reasons behind

In particular, the base this
of systematic
the pyramid organization of the supply
shows the elements chain,
relating to the as tracking
well as its
of
traceability,
the inputs usedlie infor
thethe
need of companies
creation to have athe
of the product, decentralized
starting date system
of thetomanufacturing
transparently
show their
process, products
and to their
the specific customers, who arecharacteristics
technical/qualitative increasingly attentive
that the to the traceability
product must re-
of the Going
spect. supplyupwards,
chain and in increasingly skeptical
the second section with
of the regard the
pyramid, to the authenticity
elements relatingof to the
the
products placed on the market. The lack of confidence felt by consumers
place of processing of the product, the quantities processed, the processing method, and in companies,
especially those in of
place of departure thethe
agro-food
product aresector, favors
traced. Thethe development
penultimate blockofofthetheentrepreneurial
pyramid speci-
idea of Devoleum, which is broadening its horizons and intends
fies which product was made, as well as the mode of transport and the place to direct its offer not only
of delivery.
towards the agri-food sector, but also towards highly technological sectors
Finally, at the top of the pyramid, the price of the product is traced and a code is assigned and the field of
rights to musical works.
to it in order to make it easy and fast to track the product through time and space.
Sustainability 2021, 13, x FOR PEER REVIEW From our interview, it emerged that the company’s business model is11 based
of 15 on what
4.5. Analysis of the Relations
is called in the jargon “notarization”: through this procedure, Devoleum is able to notarize
In the developed
the individual steps of CAOS model,chain
the supply the relationships to Devoleum
of a given product are shown
by inserting in Figure 4:
cryptographic
evidence of each step that cannot be changed or manipulated. Every single notarized pas-
sage has a cost for the company’s clients, and it is therefore on this mechanism that Devo-
leum will be able to keep itself alive and expand both economically and geographically.
The reasons behind this systematic organization of the supply chain, as well as its
traceability, lie in the need of companies to have a decentralized system to transparently
show their products to their customers, who are increasingly attentive to the traceability
of the supply chain and increasingly skeptical with regard to the authenticity of the prod-
ucts placed on the market. The lack of confidence felt by consumers in companies, espe-
cially those in the agro-food sector, favors the development of the entrepreneurial idea of
Devoleum, which is broadening its horizons and intends to direct its offer not only to-
wards the agri-food sector, but also towards highly technological sectors and the field of
rights to musical works.

4.5. Analysis of the Relations

In the developed CAOS model, the relationships to Devoleum are shown in Figure
4:

Figure 4. CAOS relationships of Devoleum. Source(s): adapted by [45].

Figure 4. CAOS relationships of Devoleum. Source(s): adapted by [45]

(1) First primary connections (S–C): This phase is characterized by informal and tempo-
rary relationships. At the time of writing, as the company has not yet been formally
established, the S–C relationship is limited to the natural persons of the two founding
Sustainability 2021, 13, 5619 11 of 14

(1) First primary connections (S–C): This phase is characterized by informal and tempo-
rary relationships. At the time of writing, as the company has not yet been formally
established, the S–C relationship is limited to the natural persons of the two founding
partners, Lorenzo Zaccagnini and Elisa Romondia.
(2) Second primary connections (S–O): This phase is characterized by multiple informal
and temporary relationships, which could develop into formal and permanent re-
lationships after the company is registered in the commercial register. Devoleum
operates only through free trials and collaborations with partners not bound by a
contract in order to establish a formal and permanent relationship. At the time of
writing, there are three experiments that Devoleum has put in place:
(1) Between Devoleum and Coltivatori di Emozioni e Cascina Bosco Fornasara;
(2) Between Devoleum and Inserrata;
(3) Between Devoleum and MonteFedele.
However, all three companies benefit from contracts on the Ethereum blockchain. For
example, the Carnaroli Classico 2019 supply chain has notarized the following steps: tillage
(highlighting the low use of pesticides), the sowing of the grass, the type of seeds (certified),
the dry rooting, the harvest, the drying, storage, processing, packaging, and finally, the
warehouse.
(3) Third primary connections (S–A): This phase is characterized by informal and perma-
nent relationships. The link between Devoleum and the environment in which the
start-up operates is, at the moment, the agri-food sector (rice, oil, and wine) which
represents one of those sectors in which the traceability of the production chain is a
driving force for the business, especially from the point of view of transparency and
reliability of the quality and authenticity of the products. Devoleum and the client
companies involved have not yet entered into formal contracts, but, without a doubt,
the agri-food sector in which the company wants to operate in the future represents
an important value driver on which to focus to develop the business idea and expand
it towards new horizons in order to promote sustainability through the reduction of
transaction costs.

5. Discussion
Empirical analysis highlights the link between innovative technology (blockchain)
and sustainability. The purpose of this study was to explain how the blockchain can lead
the development of sustainable business models. The findings of the literature review
indicates that blockchain technology has the potential to create new foundations for an
economic and social system and sustainable business models. Our results are in line with
previous studies; in fact, this paper confirms how the adoption of blockchain technology in
Devoleum leads to a reduction in transactional costs.
The adoption of this technology improves the consolidation of customer trust and
thus generates a leverage effect on relational capital.
The results of our research are in line with previous studies relating to the relation-
ship between the use of blockchain in the supply chain and the reduction in transaction
costs [1,15,29,50–52,54,55]. According to [56], “technologies based on the blockchain ar-
chitecture has a potential to revolutionize transaction costs, both in terms of cost and
convenience”.
Devoleum, by tracing all the phases of the production process through smart contracts,
allows the reduction of transaction costs, since the transparency of the elements contained
in the smart contract is combined with the impossibility of manipulating data by external
parties, and, consequently, it eliminates intermediaries from the supply chain. The smart
contract is seen as a key factor in strengthening trust between the company and its cus-
tomers, making behavior transparent and consequently reducing transaction costs. In this
way, smart contracts permit the automation of the process, avoiding the need to control
the agreement’s execution affecting internal and external transaction costs simultaneously,
thus leading to the reshaping of a company’s boundaries [1].
Sustainability 2021, 13, 5619 12 of 14

Through the notarization of anonymous cryptographic codes on the blockchain, the

authenticity of the supply chain is favored in such a way as to attract the consent of end
consumers. The blockchain, therefore, shortens the time for consolidating relationships.
According to the CAOS model [11], which shows the relationship between parties,
the relationship between variables A and S should be considered the strongest since the
agri-food sector represents one of those sectors where the traceability of the production
chain is seen as a key element to obtain a competitive advantage both from the point of
view of the reduction of transaction costs and strengthening stakeholder confidence in the
company.
If this relationship did not exist, the other two existing relationships, specifically S–O
and S–C, would have no reason to exist, since the pivotal element on which the entire
supply chain tracking process is based would be missing.

6. Conclusions and Future Research

Our work was inspired by research contributions focused on the impact of emerging
technologies on the sustainability of business models. Following this setting, we analyzed
with the case study method an Italian company (in the start-up phase at the time of writing)
that uses the blockchain tool to promote the traceability of all the process phases. In
particular, our results have shown that tracking all the phases of the production process
with the blockchain guarantees transparency, as the data are not editable. Still, our results
point out that the use of the blockchain reduces the information asymmetry of stakeholders
and also reduces transaction costs. The information transparency obtained with the use
of the blockchain becomes a strategic element to consolidate company–customer and
company–stakeholder relations and to create durable value over time.
In the agri-food sector, in particular, there is a need for traceability, and a new sustain-
able business model can be fostered and developed with new technologies. Our contribu-
tion demonstrated how blockchain technology can lead to a driving force of sustainability
through the traceability, security, and non-manipulability of notarized information.
Furthermore, the absence of intermediaries helps to reduce transaction costs and
reduces the time needed to consolidate S–A (Start-up–Environment) relationships. In
particular, traceability and safety can be particularly useful in the agri-food sector.
Like any study, this paper has some limitations. First, we considered a company that is
not yet established but is only an embryonic idea. Additionally, we should remember what
Yin [10] says: “case studies like experiments are generalizable to theoretical proposition
and not to populations or universes.”
This study emphasizes the importance of following multiple recent calls for increased
research efforts towards a better understanding of the role of the new technology of
the fourth industrial revolution on the sustainability of organizations, as stated in the
Introduction. Future research must analyze how, in a practical way, the blockchain may
enhance the development of sustainable business models in more detail.
In particular, it is recognized that blockchain studies have to be implemented through
empirical methods, even within the intellectual capital framework. This is because
blockchain technology application increases customer trust, reducing transactional costs
through the traceability, security, and non-manipulability of information, which are partic-
ularly useful in the agri-food sector.
Future investigations should be implemented once Devoleum is fully established.

Author Contributions: Conceptualization, F.M., G.d.C., and F.R.; methodology, M.F, G.d.C., and F.R.;
formal analysis, F.M., G.d.C., and F.R.; writing F.M., G.d.C., and F.R.; review and editing, F.M., G.d.C.,
and F.R. All authors have read and agreed to the published version of the manuscript.
Funding: This research received no external funding.
Institutional Review Board Statement: Not applicable.
Informed Consent Statement: Not applicable.
Sustainability 2021, 13, 5619 13 of 14

Conflicts of Interest: The authors declare no conflict of interest.

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