Implementation of a blockchain workflow management prototype

Blockchain technology offers huge potential to various industries and application areas. In a joint applied research project, Fraunhofer Institute for Applied Information Technology (FIT) together with Norddeutsche Landesbank (NORD/LB) identified (inter-company) workflow management as a promising application area and developed a Blockchain prototype for a documentary letter of credit in the international shipping business. In addition to the projects explicit outcome a Blockchain prototype and strategic support for Blockchain innovation management the joint project revealed important insights into the technologys applicability in the field.