Industrial procurement processes are inefficient, expensive, and error-prone as they require the agreement of numerous participants, audit-proof documentation, and are characterized by a high number of manual tasks. Blockchain technology has the potential to counter these challenges by combining peer-to-peer networks, cryptography, and consensus algorithms. A blockchain is a decentralized database that stores transactions and data transparently, chronologically, and tamperproof in a distributed network. In this paper, we present a blockchain-based industrial marketplace, where machines have an identity and account for selecting, ordering, and paying materials in an automated manner using smart contracts. This allows manufacturers with a low real-net-output-ratio, such as car manufacturers that depend on numerous suppliers, to optimize their purchasing processes. Using our case study, we demonstrate prototypical implementation of the decentralized marketplace and its applications in the area of industrial maintenance. Furthermore, we conducted a semi-structured interview with procurement and information technology experts from the automotive industry. The results indicate that our prototype offers a promising approach streamlining procurement processes within the next two to five years.    «

Industrial procurement processes are inefficient, expensive, and error-prone as they require the agreement of numerous participants, audit-proof documentation, and are characterized by a high number of manual tasks. Blockchain technology has the potential to counter these challenges by combining peer-to-peer networks, cryptography, and consensus algorithms. A blockchain is a decentralized database that stores transactions and data transparently, chronologically, and tamperproof i...    »