For example, a good application of using Blockchain could be to eliminate the process delays and deficiencies of an auto-accident claim process involving multiple parties such as drivers, insurance companies, body shops and motor vehicle department. The quality of the claim handling process can be improved with the use of blockchain technology, since it would provide means to prevent the use erroneous or out dated data within the process. Another example is of increasing efficiency in settlement processes for financial products by enabling financial agreements to be recorded once and thereby eliminating duplication of data to save time and costs as reconciliation processes become redundant.
Blockchain adoption will impact existing business processes and hence its comparison with BPM is inevitable. There are commonalities at a conceptual level because both technologies have the capability to maintain and manage the process state. BPM has evolved and matured over the years to provide business process design and implementation tools with advanced features such as workflow management, task delegation, escalation etc. But any BPM implementation is essentially owned, built and maintained by the entity having the largest stake in that particular value chain. Blockchain, on the other hand, creates a business network which can spans across enterprises, introduces disintermediation, distributes the ownership and the risks while enabling near-real time exchange of data that can help in making faster informed decisions.
Thus it can be safely concluded that Blockchain technology will positively impact a wide spectrum of business processes by inculcating betterment in aspects related to efficiency, quality, agility, compliance and networking of business processes. So organizations might as well be prepared for this new disruptive technology and embrace it as the NextGen BPM.