Blockchain

The application of blockchain and smart contracts also enables the building and operation of decentralized autonomous organizations (DAOs). While DAOs are already regularly in use in other areas – e. g. the financial sector − there has hardly been any application in an industrial environment, although, digitalisation and the upcoming of the "Internet of Things" have created a fruitful environment. This article looks at possible economic approaches to adaptation and explores potential business models that could result from the establishment of DAOs in Industry 4.0. (Only in German)

A fast flow of information throughout the entire supply chain is unavoidable for risk minimization and is not subject of a discussion in volatile times or crisis situations. The flow of information within the supply chain is characterized by various forms of transmission: EDI, cloud applications or other system interfaces are manifold in the areas of value-added networks for digital risk monitoring and process efficiency increase. If corporate processes are examined more closely, one area remains digitally underrepresented at the moment: The digital twin of a production tool. The handling of these production tools must now be taken to a new level.

Solutions to increase the efficiency of industrial supply chains, such as vendor managed inventory or Kanban, are not new. But thanks to technologies such as the 0G network from Sigfox and blockchains, it is becoming ever easier to digitize these strategies and to add automatic delivery confirmations, invoicing and collection in one go. The cost of immutable digital twins is becoming more and more affordable.

Currently there are many optimistic expectations for the new and still little understood technology “blockchain”. This paper takes a critical stance and analyses the potential of blockchains in supply chain management (SCM). In the context of SCM, the application of blockchains promises transparency and traceability. It turns out that the expectations are not always met, because blockchains lose many of their positive characteristics when used in SCM. This is mainly due to the fact that both a digital level (information) and a physical level (goods) exist. In the original application area of blockchains - cryptocurrencies - only the digital level exists. In any case, blockchain technology (as well as every other technology) will not be able to solve the coordination problems within supply chain networks without the individual companies being willing to implement expensive IT interfaces and share their information.

Due to the advancing digitalization of business sectors and increasing competitive pressures, industrial companies are forced to promote their own digital transformation to sustain on the market. Here, the literature regards the CFO as a key corporate function to induct digitization initiatives within organizations. The blockchain technology, due to its features of transparency, immutability and cryptography combined with its ability to coordinate data flows of e. g. the IoT or AI, constitutes a suitable instrument for the CFO to meet the requirements of the Industry 4.0. The results are improvements of business processes in regard to efficiency and automation, a relocation of the CFO’s strategic role, improvements of CFO-relevant KPIs through integrating machines into payment networks as well as the emergence of integrated business ecosystems facilitating new forms of inter-organizational collaboration.

Blockchain technology attracted a great deal of attention with its first application Bitcoin. In addition to the multitude of practical solutions, initiatives and research efforts of the industry, the number of scientific publications on the topic of blockchain is comparatively low. Right now, there is a lack of universal standards and uniform terminology. One way of documenting blockchain technology could be a morphological box. In addition to the advantage of clarity, this type of information structuring offers further advantages that can be considered helpful in creating a comprehensive overview. In order to create such a morphological box, various features of the blockchain technology must be identified and described in detail. One of these features is the “business model”, for which the 4 different characteristics “infrastructure provider”, “platform provider”, “system integrator” and “application provider” have been identified.

Blockchain technology (BCT) is one of the most promising technologies of the present that will be of even greater importance in the future, especially for manufacturing companies, in order to improve cross-company collaboration and make processes more transparent to the customer. However, BCT is not yet widely used as a trusted tool to ensure a clean and unadulterated flow of information. In addition to the potential, this paper discusses the challenges for the use of BCT and derives a solution concept based on the St. Gallen Management Model that shows potential BCT users possible application scenarios.