BLOCKCHAIN PLATFORM SELECTION AND SOFTWARE DEVELOPMENT FOR DECENTRALIZED EXCHANGE OF BUSINESS PROCESS MODELS

Abstract

Modern organizations employing the Business Process Management (BPM) approach typically handle collections of hundreds or even thousands of business process models. Business process modeling stands as the central technology within the entire BPM methodology. In line with the BPM lifecycle, these models visually represent current organizational activities that necessitate improvement using various diagramming notations. These graphical business process models can subsequently be employed to analyze ongoing activities in the enterprise, identifying potential drawbacks or “weak spots” that hinder the company’s performance. Through business process models, organizations can modify the “virtual twins” of their organizational workflows, conduct simulations, and make informed decisions for business process improvement. Thus, business process models constitute the most valuable assets of the organization, conveying knowledge about ongoing activities and potentially encapsulating the best organizational or industry practices. The implementation of a centralized database for business process models can significantly benefit the entire organization, enhancing the efficiency of knowledge sharing and accumulation. However, centralized business process model repositories prove less efficient for inter-organizational knowledge exchange. Additionally, most business process models require significant person-hours for development and cannot be shared freely with competitors. The exchange of business process models should adhere to established mechanisms for managing valuable digital assets. Presently, Distributed Ledger Technologies (DLT), especially Blockchain, have gained enormous popularity. Therefore, we can employ the principles of Blockchain technology and the cryptocurrency industry to create software for the Decentralized Exchange (DEX) of business process models. This study explores the selection of a DLT platform and the development of software for the decentralized exchange of business process models, utilizing asset tokenization and smart contract technologies.