Beyond sustainability?

: a taxonomy of blockchain applications in regenerative finance

Abstract

This study examines the applications of blockchain technology in the field of regenerative finance (ReFi) and presents a comprehensive taxonomy of blockchain-based ReFi applications. The objective is to provide a basis for future evaluations of the applications' potential to create regenerative financial and economic systems. Using a qualitative and exploratory research approach based on the Gioia methodology (Gioia et al. 2013), this study leverages data from the ReFi DAO database to categorize the various blockchain implementations in the emerging ReFi ecosystem. The findings form a detailed taxonomy of 21 major blockchain application groups and eight overarching dimensions, providing in-depth insights into the ReFi landscape. The analysis shows heterogeneous use cases that go far beyond the use of blockchain-based carbon credit tokens, including but not limited to decentralized energy systems, impact tokens and blockchain-based polycentric governance systems. In addition, the study introduces the term "X-to-Earn" as an umbrella term for commonly used crypto-incentive based engagement models in the ReFi space that combine financial incentives with an envisioned behavioral change or action. From a theoretical perspective, this study contributes to the understanding of the ReFi ecosystem and highlights a variety of multidisciplinary research streams. In addition, it provides practitioners with novel concepts for business model innovation, alternative funding opportunities, and regulatory areas that may require enhanced regulation and monitoring in the future. This study advocates an interdisciplinary research approach to bridge the gap between the theoretical potential and practical application of ReFi applications for the development of regenerative, decentralized and equitable systems.

Date of Award	25 Jun 2024
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	René Bohnsack (Supervisor) & Arash Rezazadeh (Co-Supervisor)