The term ‘blockchain’ describes a technical concept, which records data in a predetermined way on the different systems of all associated users in a cryptographic mode. This procedure is a revolutionary technology for business models in different fields. Currently, many enterprises are searching for feasible applications and the implementation of this new technology. In order to take advantage of these applications, it is important to understand the underlying principles and implications. The scientific purpose of this paper is twofold: firstly, to explain selected characteristics of the blockchain principle to understand the advantages for its application in transaction processes; and secondly, to show concrete possibilities for its application related to transaction activities. For this reason, particular areas of transaction-based processes in sales and procurement will be shown and explained. The methodology is analytical and theoretical. Based on statistical data, the expectations and requirements of users will be matched with blockchain characteristics. It can be deduced that the most important requirements pertaining to efficiency and cost reduction as well as security and trust can be fulfilled by using blockchain. The theoretical foundation leads to conceptual considerations of a deductive approach to application possibilities, though the question of research into the possibilities of broadening blockchain technology to encompass transaction-based business activities in general will be answered.
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Günter Hofbauer is a Professor at the Business School at Technical University Ingolstadt (THI), Germany. His main research interests include innovation and digitalisation in sales and procurement. He holds Ph.D.
and diploma degrees from the University of Regensburg, Germany. He completed an executive study program at Darden University, University of Virginia, USA. He is the author, co-author and editor of 58
monographs and editorial books, and has authored 67 scientific articles. He has read more than 40 conference contributions in national and international conferences in Austria, Bulgaria, China, Czech Republic, Georgia, Hong Kong, Latvia, Lithuania, Poland, Russia, Serbia, South Africa, and the USA. He is a member of nine editorial and scientific boards. He is vice president of the European Research and Working association and was president of the German Association of Marketing (AfM) from 2009 until 2017. He was awarded the Bavarian State Prize for outstanding lecturing in 2004. The prize for excellence in executive teaching was awarded to him in 2014 by the European Institute of Postgraduate Studies (EIPOS), an institute of the Technical University of Dresden, Germany. He was previously employed in different managerial positions in the electro- and electronic industry as well as in the automotive suppliers industry. ORCID no. 0000-0002-1628-818X.
Anita Sangl is a lecturer and research assistant at the Business School at Technical University Ingolstadt (THI), Germany. She holds a diploma degree from the University of Applied Sciences Ingolstadt. She was awarded a prize for the excellence of her diploma thesis. Her fields of research include innovation and digitalisation in product management. Before she entered academia as a research assistant and lecturer, she was employed in the management program of an automotive supplier. She has conducted various research studies, one of them the largest survey in Germany about pricing during the introduction of the Euro. She co-authored the book “Professionelles Produktmanagement”, of which the third edition of 637 pages is currently in print. She operated as an associate editor in the publication of the editorial book “Challenges, Research and Perspectives: 2016, Europe in a Changing World”. She also lectures in product management at several universities.