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...
»