In a hyperconnected world, blockchain technology is poised to lead the way, bridging companies, industries, and economies with transparency, security, and trust. It takes automation to an unprecedented level in the enterprise value chain.
Blockchain technology is often similar to cryptocurrency in that it has a significant impact on our fragile environment through mining and somehow misuse in illegal activities.
It is not often that blockchain technology pertains to businesses and enterprises. But through a dedicated blockchain enterprise platform that can overcome all of the above disadvantages, it has the potential to forever change the way we conduct business on a global scale (as well as B2B) as much as the Internet, Cloud or Artificial Intelligence is in all industries.
The purpose of this article is to share how Ericsson is using state-of-the-art enterprise blockchain course technology and its yet-completed way to transform our business interactions with our partners, customers, and suppliers with unique benefits for all parties involved. There is no developed capacity.
In this article, we will explore:
1. Business Processes and Current Flaws
2. Key Capabilities of Blockchain Technology: Triad.
3. How Ericsson Is Embracing Blockchain Technology
Business Processes and Current Defects
Business processes are the heartbeat of any company and are essential to the success of any business execution. They represent the backbone and pillars on which real business efficiency runs. Let's reconstruct business processes into building blocks and point out the current weakness.
We'll start with a simple definition of the business process and its founding elements:
definition:
A business process is a series of interconnected steps that each stakeholder is assigned a specific task to deliver a product or service to a third party (for example, a business partner, customer, or supplier).
Each stakeholder or group of contributors is expected to perform specific tasks to achieve a concrete goal. See Figure 1 below.
These steps are often repeated in a standardized and customized manner by multiple users, following a business process policy (a set of pre-defined rules).
Ericsson's employment processes, supplier chains, product development, and product/service delivery are all examples.
Business processes today, for the most part, operate in silos from one step to the next, from one organisation to the next, and from one company to its partners and clients. This can result in inaccurate or inconsistent results, necessitating the need to revise, fault-detect, and rectify them. In terms of cost, the time it takes to confirm the rules of the underlying process, and the consistency of the end-to-end flows, this leads in a high level of inefficiency.
This is especially true for cross-company processes, where a lack of trust between the parties precludes real and transparent integration throughout the process. This includes internal entities within a firm that, more often than not, have different purposes and ambitions. Even large corporations might have different or separate legal entities.
The following problems in a business process are easily identifiable:
- Data integrity and integration are lacking.
Due to a lack of connectivity between the parties, the supporting processes for the underlying data layer are frequently "broken." Integrating a data layer into a process is frequently not only a technical challenge and a costly endeavour, but also a difficult task in convincing organisations with disparate goals and interests to share their data (full transparency, not necessarily within a company, is a good thing due to the sensitivity of some data, for example). Corporates, as well as internal corporate entities, may require privacy to provide adequate exposure of the underlying data layer).
Data consistency across the process is hampered by a lack of data layer integration, which can lead to inconsistency, inefficient and ineffective data replication, and potential flaws.
- Poor standardization and compliance
Local restrictions, country laws, or cultural attitudes prevent the parties in charge of the process from operating in a standardized manner. Using a local adaptation to carry out a process can lead to a departure from shared governance and a clear path to a common aim. Furthermore, compliance is frequently harmed in such situations, leading to significant fines during audits.
- No step-by-step rule validation
Without preventative controls, a small task failure in a single phase of the process can have devastating chain reaction consequences on the overall process execution.
A stealthy error, no matter how comprehensive the
instructions for the steps in the process procedure are, can have substantial
and dramatic effects in the execution of a process, necessitating rework to
detect the flaws, repair them, and rerun the process.
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