Hedera Hashgraph
: how a disruptive player gains traction in an emerging market space, a mixed methods study

  • Carlos Boden (Student)

Student thesis: Master's Thesis


Hedera Hashgraph (HH) is a Distributed Ledger Technology offering an alternative to Blockchain. However, success of an innovation is determined by multivariant factors, not just technological superiority. This study relies on perspectives from management theory to discuss how an innovation potentially gains traction in a fast-moving, emerging market space. We conducted semi-structured expert interviews to determine competitive advantage (CA) of HH, scenario planning, and a user-survey to check if user perceptions were in line with results from the expert interviews. Various sources of CA were detected. We concluded that a strategic management perspective suggests that HH has the potential to displace the reigning incumbent. At the same time, uncertainty and the surprise are important variables also in the mix.
Date of Award4 May 2022
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorPeter V. Rajsingh (Supervisor)


  • Distributed ledger technology
  • Ethereum
  • Hedera Hashgraph
  • Blockchain
  • Directed acyclic graph
  • Market potential
  • Competitive advantage


  • Mestrado em Gestão e Administração de Empresas

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