Abstract
Business process modeling and verification have become an essential way to control and assure organizational evolution. We overview the opportunities for the application of blockchain in Business Process Management and Modeling in Finance and we focus on in-depth analysis of claim process in insurance as a use case. We investigate the utilization of blockchain technology for model checking of Workflow, Business Processes to ensure consistency, integrity, and security in a dynamically changing business environment. We create a UML profile for the blockchain, then we combine it with a UML activity diagram followed by a verification using Petri nets to guarantee a distributed computing system and scalable with mutable data. Our paper creates a unified picture of the approaches towards business processes modeling used in the financial industry organized around the set of premises intending to develop a future research agenda for blockchain business process modeling, specifically for the financial industry domain.
Highlights
Processes and Workflows in Finance.Business process modeling aims to describe the organization and operational processes of an enterprise
The question is if there are design guidelines on how to specify Workflows and Business Processes that are integrated with blockchain technology to provide provenance about the instances of executed tasks of Processes and consumed information items
We propose to create a structured UML profile, a new meta-model, to lightweight extend the UML meta-model by adding the blockchain part to the Activity diagram
Summary
Business process modeling aims to describe the organization and operational processes of an enterprise. Modeling uses many different methods that can help understand and summarize how models work. Modeling allows the simulation of business processes for comparison of different scenarios, allows the analysis and restructuring of the enterprise to improve performance, and to get a correct generated program from our model. Different approaches and techniques are used for modeling business processes. Previous research [1] analyzes how the processing flows are checked for correctness in syntax and simulates how they should be executed to achieve better results. Some organizations and standards standardize some aspects of workflows and provide different design notations. UML and SysML [2] activity diagrams (AD) and Business
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