Blockchain for Collaborative Businesses
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Blockchain for Collaborative Businesses Augusto R. C. Bedin 1 & Miriam Capretz 1
&
Syed Mir 2
# The Author(s) 2020
Abstract Blockchain applications have continuously improved ever since its first debut on cryptocurrency. From then on, its uses have branched out from the financial realm, finding their way into numerous industries such as health, environmental, and governmental. Businesses are starting to take advantage of the intrinsic traits that made blockchain so notorious into their operations, such as security, integrity, and transparency. Blockchain’s versatility allows companies to cooperate on a shielded environment with business partners safely. This paper details how permissioned blockchain networks can accommodate collaborative business models securely to provide thriving business alliances. Examples of cooperative business models and business relationship orientation are described here, as well as how they generate value when paired with permissioned blockchain networks - a more business-oriented variety of blockchain. To support this study’s endeavors, business use cases are presented to highlight how simple it is to put in place a permissioned blockchain to businesses to achieve tighter bonds with business partners. The use cases contain particular goals that enterprises seek to accomplish by partnering up with other companies, as well as how, with the employment of blockchain, they can attain them. Keywords Blockchain . Permissioned Blockchain . Collaborative Blockchain . Collaborative businesses
1 Introduction Blockchain technology has become more and more widespread over the years after it revolutionized the way that money can be traded, created, and earned. The words Bitcoin, Ethereum and cryptocurrency are so often seen and heard on the news that people are now used to those once unrecognizable terms. The financial applications of blockchain are highly regarded showcases that inevitably causes blockchain to be considered a finance-oriented technology. Blockchain’s inherent traits in security and data handling integrity are very enticing for financial applications, but can easily be implemented and taken advantage of by various other business sectors. Any circumstance that would require a high level of trust * Miriam Capretz [email protected] Augusto R. C. Bedin [email protected] Syed Mir [email protected] 1
Department of Electrical and Computer Engineering, Western University, London, ON N6A 5B9, Canada
2
London Hydro, 111 Horton Street, London, ON N6A 4H6, Canada
among parties or even a third party intermediate to validate the interaction can benefit from blockchain’s trusted environment [22]. Granted blochchain’s versatility, it found its way into energy [2], government [25], IoT [11], and even medical [27] industries demonstrating its flexibility in numerous scenarios. As a distributed ledger technology (DLT), blockchain technology presents itself as a means to tighten bonds between organizations and its customers by providing more data integrity, security, and transparency for its servic
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