Blockchain: A Study of New Business Model

Abstract

AbstractOne of the most amazing technological advancements of the twenty-first century is blockchain. Blockchain technology is most famously used in the creation and management of cryptocurrencies like bitcoin and Ethereum. Blockchain is being studied outside of the financial services sector in areas like taxation, supply chain management, company operations, and governance. However, not all pertinent fields of research have investigated blockchain in depth. Current research in this area mostly focuses on designing business processes for the blockchain or on execution engines that can implement processes using smart contracts. On the other hand, research into whether and how blockchains can help with business process monitoring has received less attention. With the use of blockchain technology, collaborative business operations involving untrustworthy parties can be carried out in a decentralized setting. Business Process Management (BPM) provides a good context in which these technologies can be used since blockchain and distributed ledger technologies are particularly suitable to build trusted settings when players do not trust one another. Several research proposals have shown that it is possible to create collaborative business processes for blockchains using high-level notations like the Business Process Model and Notation (BPMN) and then have the platform automatically generate the code artifacts needed to run those processes. The study shows how businesses and regulators may use Blockchain to uplevel corporate operations, improve efficiency, and cut costs. The main blockchain disadvantages that users should be aware of before implementing the technology are also emphasized. The chapter also considers how businesses may use blockchain to fully capitalize on the fourth industrial revolution. This work attempts to close this gap by outlining a collection of pertinent research difficulties that result from the implementation of blockchain technologies in business process monitoring solutions, describing the current methodologies to address these challenges, and presenting a reference architecture for doing so.KeywordsBlockchainBPMTrustBusiness modelBlockchain technologyInnovation strategySmart contractConsensusBusiness processes