Mansystems launched the research project “ProcessChain” funded by the Federal Ministry of Education and Research (BMBF) with one million euros to develop a new technology for monitoring cross-company business processes with the aim of providing forgery-proof decentralized process management and documentation. The research project, which Mansystems Deutschland GmbH in cooperation with the German Research Center for Artificial Intelligence (DFKI), brainbot Technologies AG and Process Analytics Factory GmbH (PAF) carry out, will last two years.
The declared goal of the project is to keep the so-called transaction costs as low as possible by digitizing and automating them, while at the same time ensuring a high level of data security. Blockchain technology, a distributed cryptographic database that also forms the basis for the crypto-currency Bitcoin, is being intensively discussed as a technical instrument for technical support of trust between economic operators and public authorities.
The ProcessChain platform implemented in the project, enables the company-wide processing of business processes without the need for a central control unit, which all involved partners must trust. The significant innovation potential of the platform is tested and evaluated in selected cross-company demonstration processes from various industries such as supply chain management and service management.
As a result of piloting practical applications of so-called “smart contracts“, ie. Computer protocols that map the logic of contractual arrangements by software. The resulting generalization approach will provide the opportunity to use it in other industries, e.g. to implement in the insurance sector. The new business areas can be of great importance to the participating SMEs and their customers, improve their competitiveness and, in the context of increasing digitization, also be used by other SMEs and customers in their business environment. The coordinator of the research project Josef Burgard from Mansystems commented on the launch as follows:
“We are looking forward to the launch of the new project in the field of” Smart Contracts”. With the support of the BMBF and our project partners, we want to conclude and document counterfeit-proof cross-company electronic contracts a step closer to the digital transformation in the company.”