This
article presents an overview on how to use blockchain technology in
business processes. Based on proven templates for different use cases, Unibright empowers
process specialist without technical knowledge of a specific blockchain
to define blockchain related business workflows visually.
From these workflows, the Unibright tools automatically generate:
- smart contracts for various blockchains
- smart adapters to connect to different blockchains and off-chain IT-/ERP- systems
- smart query sets to monitor the ongoing business process
Unibright framework overview
Blockchain Technology
Before
looking at the business processes itself, let us state one truth about
blockchain technology. It is not the magical solution that will solve
any business demand and it cannot be used in any business process. It is
an exciting new technology enabling unique features that make sense for
some business demands. Before moving on to specifics, let’s give a
short sum up on what blockchain is and what makes it hot and unique for
business demands:
- Consensus: all parties must agree to network verified transactions
- Immutability: content written to the ledger cannot be altered
- Provenance: records showing the history of each asset exist
- Privacy: permissions and identity ensure appropriate visibility of transactions
With
blockchain offering a secured, shared, unalterable ledger for
transactions, it streamlines business processes in need of trust,
accountability and transparency. Therefore, Smart Contracts represent
paper processes in a standardized format and being executed on the
blockchain.
The
unique features blockchain technology offers, make it possible to
re-think business processes. Participants can share transactions and
contracts. Trust does not need to be verified, intermediaries, expensive
mechanisms und potential vulnerabilities can be overcome. Trust is embedded into business processes and networks.
The advantages of blockchain usage can be summed up:
- Automated, trusted processes (SmartContracts)
- Trusted record-keeping
- Increased and guarenteed trust between parties
- Cost saving by removing intermediaries and overheads
- Reduced risk of tampering, fraud and cyber crime
- Saved time by accelerated transactions
- Improved discoverability
The
unique features blockchain technology offers, can be used in specific
use cases, for example in business processes doing some kind of
tracking&tracing, approval, asset lifecyle and many others
applications that can rely on blockchain technology. In upcoming blog
posts, we will present specific use-cases, that use a Unibright template to empower a business process making use of blockchain technology.
Conclusion
When
adding blockchain to existing IT system landscapes to empower a
specific use case, one ends up with business integration. The success of
a blockchain implementation will always be measured by the time and
costs it produced to be implemented regarded to the benefit it brings to
the process.
The
Unibright Framework empowers process specialists to focus on the
process improvement, without having to solve technical or implementation
issues towards this new technology first.
Bitcointalk profile: redtrust
https://bitcointalk.org/index.php?action=profile;u=1726043
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