As the business environment changes rapidly, a transition to new technological advances and transformative breakthroughs is essential for every organization that wants to take their operations to the next level. Organizations already use the mighty tools of Business Process Management (BPM) platforms. However, taking advantage of a combination of new emerging technologies may lead to significant results in business performance.
Some of the technologies that can be combined with Low-Code BPM platforms are the blockchain technology, the smart contracts and the Internet of Things (IoT).
Business Process Automation powered by Blockchain Networks
While the companies operate in the fast-changing economic environment, there is an enormous amount of transactions that happen between business entities. These transactions can be supported by a blockchain network that streamlines value-exchanges efficiently and in low cost. Business Process Management (BPM) Platforms can be powered by the integration with a blockchain network which ensures the transparency of the transactions that occur outside the internal systems of a company. For example, a blockchain network ensures the authenticity of information that flows in from one company to another. In other words, the blockchain technology introduces the creation of a new peer-to-peer BPM system.This new peer-to-peer BPM system may develop a more efficient value-added chain and allow the shareholders to collaborate in these processes in a more efficient way.
How Smart Contracts help Enterprise Collaboration
Many Enterprise Blockchain Solutions can be developed by executing smart contracts in a decentralized network that business counterparts are connected to. The implementation of blockchain solutions in enterprises occurs with the execution of smart contracts in the network. Smart contracts, according to Wikipedia, assist companies in exchanging assets when certain conditions are met. This option allows companies to create their own business rules and define penalties when agreements are not completed. The enforcement of the system to work under established rules and follow certain steps for the completion of a process verifies that all parties in the network perform accurately, ensuring the integrity of workflows. Having said that, the blockchain technology provides levels of security, trust, and transparency between multiple participants in a business environment.
Furthermore, smart contracts create real-time auditing for processes and workflows. The developer of the contract can code some guidelines and check the quality of a process.
With Low-Code BPM platforms, which are developed within a blockchain network, organizations acquire automated functions without having any knowledge of blockchain and smart contract development. These contracts are created and integrated based on the need of each company only by the BPM vendors. Comidor provides a starting point for enterprises that want to expand the collaboration with other partners and the efficient flow of data in their network.
All in all, blockchain and smart contracts provide vital features to the already established BPM platforms that exist in the market. They make corporations and fragmented entities to collaborate efficiently and transparent into a given ecosystem. The digital business processes and workflows that are automated by Low-Code BPM platforms can be taken to the next level by utilizing the power of blockchain networks and innovative technological advances.