Blockchain-Based Business Process Management (BPM) for Finance: The Case of Loan-Application

Abstract

Because of the competitive economy, organizations today seek to rationalize, innovate and adapt to changing environments and circumstances as part of business process improvements efforts. The strength of blockchain technology lies in its usage as an apt technology to enhance the efficiency and effectiveness of business processes; furthermore, it prevents the use of erroneous or obsolete data, and allow sharing of confidential data securely. The use of superior technology in the execution and automation of business processes brings opportunities to rethink the specific process itself as well. Business processes modeling and verification are essential to control and assure organizational evolution, therefore, the aim of this paper is three-fold: firstly, to provide business process management patterns in finance, based on blockchain, specifically for the loan-application process, that could be used and customized by companies; secondly, to critically analyze challenges and opportunities from the introduction of such approach for companies; and thirdly to outline how companies can implement the loan business process as a web service.