Blockchain technology is becoming increasingly important for decision-makers looking for sustainable competitive advantages. By combining decentralisation, transparency and security, this technology offers a wide range of opportunities to make business processes more efficient and strengthen trust mechanisms in complex networks.
How blockchain technology creates new potential for companies
Blockchain technology enables secure and traceable transactions without centralised intermediaries. It can contribute significantly to process optimisation, especially in industries with complex supply chains or multiple partners. Decision-makers benefit in particular when they want to make company structures more transparent and automated.
An example from the energy sector illustrates this perfectly: a joint project between Siemens and regional grid operators utilised a blockchain-based platform that allowed private energy producers to sell their electricity directly to local consumers. This solution reduced middlemen, accelerated transactions and increased transparency for all parties involved.
Companies in the logistics sector are also increasingly turning to blockchain technology to make supply chains more secure and traceable. One multinational trading company reports on how blockchain is used to track the origin of goods and transport status in real time. The resulting transparency promotes trust among customers and partners.
In the healthcare sector, blockchain technology is used to secure the supply of medicines along the entire chain against counterfeiting. Producers, suppliers and the medication can be provided with an unalterable history, which creates additional security for patients in everyday life.
Increasing efficiency and reducing costs through automation
A particular advantage of blockchain technology lies in the implementation of smart contracts. These self-executing contracts automate business rules as soon as defined conditions are met. This reduces manual effort and speeds up processes without any loss of quality.
An international mechanical engineering company uses this function to process supply contracts between its suppliers and internal departments via smart contracts. Complaints or deadline adjustments are processed automatically and documented accordingly, which reduces errors and increases efficiency.
In the insurance industry, smart contracts also help to check and pay out claims. One major insurer reports that certain standard claims are being processed automatically and transparently, resulting in cost savings and faster customer satisfaction.
Best practice at the customer (name concealed due to NDA agreement): The introduction of blockchain-based smart contracts led to a 30 per cent acceleration of procurement processes at a medium-sized company. The increased transparency also promoted trust in automated processes.
Creating trust - the basic principle of blockchain technology
A central element of blockchain technology is the trust generated by the immutability and transparency of the data. In a network in which several parties interact, it is ensured that all participants always have access to up-to-date and complete information.
This plays a particularly important role in the collaboration between suppliers, service providers and customers. In the food industry, for example, blockchain technology enables the traceability process from cultivation to the end consumer. This enables producers and retailers to act responsibly and communicate sustainable production methods more effectively.
Technology is also creating trustworthy proof of the origin and quality of components in the automotive industry. A large automotive company uses blockchain to ensure that only certified components are used in production. This supports quality assurance and reduces the risk of recalls.
Financial service providers also benefit from increased security and data integrity. Blockchain reduces the need for external verification centres, as the data structure itself rules out manipulation. This saves considerable costs and speeds up transaction processes.
Recommendations for decision-makers on the use of blockchain technology
It is advisable for managers to systematically identify the potential of blockchain technology in their own business model. This involves looking at interfaces with partners, suppliers and customers, where network transparency and data security are particularly important.
A pragmatic first step is to initiate pilot projects in order to test technologies without obligation and with clearly defined goals. Here, transruptions coaching provides support in order to recognise challenges at an early stage and design processes to fit perfectly.
Decision-makers should also ensure that the entire IT infrastructure does not have to be reorganised straight away: Sub-processes are often suitable entry points that quickly bring visible improvements and make the added value of blockchain technology tangible.
Another recipe for success is close collaboration with technology providers and industry experts in order to develop customised solutions and ensure long-term competitiveness.
My analysis
Blockchain technology supports companies in many ways to achieve and consolidate competitive advantages. Greater transparency, security and automation improve the quality and speed of decision-making processes. Across industries, digital networks with blockchain increase trust in complex collaborations and thus create a solid basis for innovation.
Decision-makers would do well to recognise blockchain technology as a strategic tool, not just as a future trend, but as a practical solution that can already provide effective impetus for many business models today.
Further links from the text above:
Blockchain for companies: How to use the technology[1]
Blockchain technology: How companies optimise their processes[2]
What are the advantages of blockchain?[3]
The advantages and disadvantages of blockchain technology[4]
Blockchain technology in the SME sector[5]
The advantages of blockchain for companies[6]
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