The development of a blockchain-based business model simulator with an application to civic medical data management

Abstract

Blockchain technology is reshaping business models by altering how transactions and data integrity are managed. This shift necessitates evaluating long-term profitability and operational efficiency across various blockchain frameworks. Our research describes the development and application of a business model simulator, beginning with use case analysis, followed by the simulator's design and application to the Civic Data Identity Partnership project. We developed a transaction model, ran simulations, and analyzed outcomes to identify key cost drivers and assess the viability of different blockchain architectures. The results highlight the influence of execution costs, legal frameworks, and blockchain selection on financial outcomes, providing insights into the scalability and sustainability of blockchain applications in real-world scenarios.