Potential of Smart Contract in Business to Business

Abstract: The implementation of smart contract technology with their plausible applications in a business to business are explored. The thesis work shows how Blockchain technology works on the concept of decentralized system which is beneficial to eliminate the need for central authority. The thesis focuses on elimination of challenges pertaining to the selected departments in an organization. The thesis resolves challenges pertaining to lack of transparency, traceability and significant time-delays while in the process of decision making. The influence of blockchain technology and smart contract technology to eliminate these challenges are discussed. Logic of the smart contract and working of the blockchain pertaining to a specific industrial case study are demonstrated. Methodology to set up a smart contract interface in a business to business setting is investigated in this thesis. An observation study has been done in order to show how transparency, traceability and time delay in decision making is achieved by using smart contract interface. This thesis also shows how the blockchain and smart contract technology tries to implement coordination theory.