Advances in technology, increasing globalization and time to market pressure have changed ideas about the best ways to do business. Companies can't operate alone on the market anymore. They need to become proactive in developing mutually beneficial relationships with customers, suppliers, and even competitors. This is crystallized by the formation of ecosystems which compete at most with other ecosystems and not with single companies anymore.

This business ecosystem consists of a network of interlinked companies that dynamically interact with each other through competition and cooperation to grow. An ecosystem includes suppliers, distributors, consumers, government, processes, products and competitors.

The common denominator of all stakeholders within such a business ecosystem is a specific object of interest. This may be a vehicle, a building or any other object, for which all parties execute transactions. Such transactions may include the building, maintenance, sales, registration, modification, etc. of the object.

The ecosystem enables stakeholders to share common data and processes. Thus, it reduces friction and catalyzes the digitalization of the intercompany business.

Blockchain technology makes decentralized management of information and transactions possible. It's a ledger of transactions, which is spread over several participants and locations. Transactions are chronologically arranged into blocks to form a chain of blocks that gives a shared, irrevocable history.

Mutual agreement is reached through smart contracts, also known as blockchain contracts or chaincode. They are code snippets that are agreed upon amongst all parties and independently run by each party for transactions proposed by parties. If consensus about the validity of a transaction is reached, the outcome is recorded in the blockchain.

Trust plays a crucial role in business – especially in new partnerships. Partners want to be able to rely on shared information, business relationships and the correct execution of transactions. In addition, security-relevant restrictions must be fulfilled, such as confidentiality and data protection.

AdNovum's Secure Blockchain for Business combines the advantages of the blockchain with respect to transparency and traceability with modern security features like data encryption, identity and access management and network security. In doing so, it provides an instantaneous, trusted and secure view of all available information about the objects and transactions based on well-defined access rights.

Blockchain technology is mainly known within the financial industry. However, blockchain can be applied in very different industries and can result in similar disruptive effects, especially in the context of ecosystems.

Secure Blockchain for Business enables the fast and cost-effective implementation of blockchain-based ecosystems for companies that otherwise would not have worked together as they lacked a common business basis. It creates with its common data, smart contracts and confidentiality the possibility to open up new digital business opportunities such as:

• dynamic insurance on the basis of real-time data
• on-demand mobility through integration of local road traffic authorities, insurance providers and automobile manufacturers
• land registry or real-estate sale entry without notarial certification

Founding partners of an ecosystem have the opportunity to influence the ecosystem's direction according to their business strategy, gain experience and implement new business models. In addition, the potential for growth in the field of blockchain technology will give first movers a boost in building up knowledge and establishing partnerships with providers who have blockchain implementation skills. This will be key in order to remain competitive, as the use of such technologies increases.