Blockchain technology is becoming increasingly important for companies that want to make their business processes more efficient and transparent. It provides support for complex processes involving several partners in order to exchange data in a trustworthy and traceable manner. Blockchain technology can provide innovative impetus and open up new business areas not only in the financial sector, but also across various industries.
How blockchain technology promotes trust and efficiency in business
A key advantage of blockchain technology is that it creates trust between business partners without them having to know each other directly. This is due to a shared, unchangeable ledger that all authorised partners can access and that documents every transaction in a traceable manner. In this way, companies can ensure that data is not manipulated. In areas such as financial services, logistics or mechanical engineering, companies benefit from the fact that processes are automated and the effort required for reconciliation is significantly reduced.
In the banking sector, blockchain technology enables faster payment processing and significantly reduces transaction costs. In the food and consumer goods industry, supply chains can be monitored seamlessly, providing both producers and end customers with transparency regarding origin and quality. Energy companies use the technology to trade and document decentrally generated energy securely and efficiently.
BEST PRACTICE at the customer (name hidden due to NDA contract)
A medium-sized logistics company uses blockchain-based solutions to automatically control shipping processes with various suppliers. The transparency of the flow of goods has improved significantly and the number of incorrect deliveries has been noticeably reduced.
Practical examples from the business world
1. the automotive industry uses blockchain technology to transparently map parts deliveries and quality assurance between suppliers and manufacturers. This saves time during inspections and ensures a faster production process.
2 In the healthcare sector, pharmaceutical data is stored via blockchain to prevent counterfeiting and ensure traceability. Clinics benefit because they have fast and secure access to patient data.
3. start-ups in the FinTech sector are developing innovative payment services that enable cost-effective and secure cross-border transactions thanks to blockchain technology, thus opening up new customer segments.
Blockchain technology paves the way for process automation
The integration of smart contracts is an important use case within blockchain technology. These are self-executing contracts whose conditions are automatically fulfilled as soon as certain predefined criteria are met. This supports companies in the automatic processing of terms and conditions and reduces manual intervention.
In supply chain management, smart contracts enable payments and deliveries to be processed automatically. In the automotive industry, for example, payment is authorised immediately upon receipt of the correct components. This increases efficiency and transparency along the entire value chain.
Insurance providers also use smart contracts to check and pay out claims directly and automatically, which increases customer satisfaction and reduces costs.
BEST PRACTICE at the customer (name hidden due to NDA contract)
An international energy company implemented smart contracts to automate electricity trading transactions between several market participants. The result was a significant acceleration of trading processes and a considerable reduction in sources of error due to manual input.
Examples of process optimisation through blockchain
1. in logistics, delivery cycles are managed transparently through automated approvals, which minimises delays and speeds up processes.
2 In the property sector, smart contracts enable transparent and secure contract conclusions that significantly reduce the workload for notaries and intermediaries.
3. e-commerce companies integrate blockchain-based payment methods to ensure fast and secure transactions while minimising fraud risks.
Practical support and impetus for your blockchain project
Many companies are looking for support when they want to introduce new technologies such as blockchain technology. Support in the form of transformation coaching can provide valuable impetus, develop strategies and help to successfully overcome challenges.
Typical questions concern the selection of a suitable blockchain platform, integration into existing IT structures and the identification of processes with the greatest potential for optimisation. Understanding regulatory and data protection requirements is just as important.
BEST PRACTICE at the customer (name hidden due to NDA contract)
A group of companies from the mechanical engineering sector was supported in making its international supply chains more transparent using blockchain solutions. The collaboration promoted a better understanding of the technology and contributed to the successful implementation of a global pilot project.
Key topics for coaching and counselling
1. process analysis and identification of blockchain application areas in the company
2. development of implementation strategies taking into account the legal framework conditions
3. support with employee involvement and communication for a successful culture of change
My analysis
Blockchain technology offers a wide range of opportunities to make business processes more efficient, secure and transparent. The ability to link trustworthy data across multiple partners takes many industries to a new level of collaboration. Automation through smart contracts helps to speed up processes and reduce error rates. Companies that actively support this change and utilise it in a targeted manner will benefit from competitive advantages and new business opportunities. Sound support during implementation is often helpful in order to effectively utilise the complex potential of blockchain technology.
Further links from the text above:
Guide to blockchain: what companies need to look out for
What are the advantages of blockchain - IBM
Blockchain technology for SMEs - Federal Network Agency
The advantages of blockchain for companies and start-ups
Blockchain in the supply chain - PwC
For more information and if you have any questions, please contact Contact us or read more blog posts on the topic TRANSRUPTION here.
Deutsch 
English (UK)