The Impacts of Advanced Technologies on Business Negotiations

Abstract

The progress of technologies has been changing multiple business practices, without the exception of business negotiation. In this article, three advanced technologies, including big data, blockchain and cryptocurrency, are focused on discussing how they can influence the strategic negotiation process. It is found that big data would be beneficial for analyzing the profile of the counterpart of the negotiation, that blockchain can contribute to both collaboration and execution stage of negotiation, and that cryptocurrency would enhance the transaction efficiency and credibility. While these technologies simultaneously have challenges and defects, they have greater potential to engender positive impacts on business and negotiation practices. The study results would help nowadays business negotiators acquire more knowledge about applying advanced technologies in business negotiation.