Dynamic Simulation Research on the Effect of Governance Mechanism on Value Co-Creation of Blockchain Industry Ecosystem

The development of blockchain technology promotes the evolution of the industrial ecosystem, and the value co-creation in the ecosystem has become an important factor for the sustainable and coordinated development of the blockchain industry ecosystem. By answering the question of how governance mechanisms affect the value co-creation of the blockchain industry ecosystem, this paper aims to clarify the realization mechanism of value co-creation of the blockchain industry ecosystem. Based on the transaction cost theory and social exchange theory, the governance mechanisms of the blockchain industry ecosystem are divided into contract governance and trust governance. The system dynamics method is used to analyze the causality of the effect of governance mechanisms on value co-creation of the blockchain industry ecosystem, the model of system flow chart is established, and Vensim PLE software is used to perform simulation and sensitivity analyses of the model. The results show that: both contract governance and trust governance can positively affect the value co-creation of the blockchain industry ecosystem; due to the existence of bounded rationality, compared with contract governance, trust governance has a more significant impact on system resource innovation and value co-creation; there is a co-existence effect among contract governance and trust governance, and compared with the single effect, the co-existence effect of two can promote the value co-creation process of the blockchain industry ecosystem more actively. The research results reveal the internal laws of the value co-creation and provide valuable insights into the exploitation of governance mechanisms to facilitate effectively the value creation of the blockchain industry ecosystem.