26 Making Sense of Blockchain: How Firms Can Chart a Strategic Path Forward ^Top knowledge and help create a sensibly regulated environment while also en- hancing their firm’s credibility. The second key factor for sustainability is knowledge integration. Emerging technologies almost always develop in networks. As the network expands, capabilities grow and the complexity of knowledge increases. Knowledge management becomes critical and has to be redirected to the firm’s advan- tage.42 Mitsubishi, for instance, is well-known for growing its market share by strengthening its active network position through alliances and enhancing its technological capabilities.43 Firms that are exploring blockchain through a variety of internal and external innovations can utilize consortiums to gain and share knowledge. The third factor for sustainability is establishing processes to transfer knowl- edge quickly and effectively across the organization. To build unique com- petencies and supplement human skillsets, organizations need to support environmental scanning, experimentation, and integration of knowledge into actionable tasks.44 Boeing, for example, commissioned a formal group to study difficulties in the development of its 737 and 747 planes and compare the process with that of its most profitable planes, the 707 and 727. Boeing then formalized the lessons in writing to guide the team building its next set of aircraft. Similarly, British Petroleum established a project appraisal unit to review investments regularly, deduce lessons, and incorporate the insights into future plans. Given that blockchain is still in its early stages, agile learning 42 Lori Rosenkopf, “Managing Dynamic Knowledge Networks,” in Day, Schoemaker, and Gunther, Wharton on Emerging Technologies, chap. 15. 43 Toby E. Stuart and Joel M. Podolny, “Local Search and the Evolution of Technological Capa- bilities,” Strategic Management Journal 17, no. S1 (Summer 1996): 21-38, https://doi.org/10.1002/ smj.4250171004. 44 Satyendra Singh, Yolande E. Chan, and James D. McKeen, “Knowledge Management Capability and Organizational Performance: A Theoretical Foundation” (Organisational Learning, Knowledge and Capa- bilities Conference paper, University of Warwick, Coventry, UK, March 20-22, 2006). Richard R. Nelson and Sidney G. Winter, An Evolutionary Theory of Economic Change (Cambridge, MA: Harvard University Press, 1982).
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