Blockchain technology is not limited to speculative crypto currencies such as BitCoin. Due to the tamper-proof and decentralized data storage in the blockchain more extensive fields of application have long been seen, which improve existing processes or enable completely new business models.
Block chains and Smart Contracts?
The financial sector represents a large area of application of the blockchain. The decentralized data storage, which results from the fact that the resulting data is verified and encrypted by a multitude of equal network nodes, can be used to process international payments without a middleman (such as a bank), for example. This makes it possible to increase transaction speed and reduce transaction costs. Banks also see the possibility of making their own processes more efficient with the help of blockchain technology. The use of Smart Contracts, which can automatically check the fulfilment of contract conditions and then initiate payments or transfer rights, is also interesting for the insurance industry, for example. By storing contract data in a revision- and tamper-proof manner, the contract can be processed accelerated and for the contractual partners transparent.
The energy sector also wants to take advantage of these benefits. For example, energy supplier RWE entered into a cooperation agreement with Slock.it GmbH, a provider of smart contracts. The collaboration is intended, for example, to make it possible to charge electric cars using Smart Contracts. This cooperation proves that Blockchain technology is on the rise.
Another huge field of application for this technology can also be seen in inter-company cooperation and communication. Due to an increasing degree of individualization and ever shorter delivery times, supply chain management processes are becoming increasingly complex. Companies face the challenge of coordinating more and more business partners and suppliers along their value chain. Efficient processing of these processes can no longer be achieved by the well-known means of communication such as telephone and email. Through a fully digital data flow within value creation networks, each participant can be informed about the value creation process in real time and the processes become more efficient. This digitalization of value creation processes and business relationships is not a completely new concept. As we have already reported in another article, such approaches have already been researched.
The initiative of evan.network is a pioneer in digital support and handling of value creation networks. The aim of this initiative is no less than to build a European blockchain by means of which companies can map their own business models and processes with the blockchain technology, regardless of the industry. Renowned companies such as Bosch, Audi and Festo are already on board in pilot projects.
Sources and further information:
blockchainwelt.de über das evan.network
Slock.it Kooperation mit RWE
Blockchain – Möglichkeiten und Anwendungen (morethandigital.info)
EINSATZMÖGLICHKEITEN DER BLOCKCHAIN IN DER BESCHAFFUNGSLOGISTIK, Whitepaper contractus GmbH