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Distributed Workflow Management with Smart Contracts

Author

Listed:
  • Hukkinen, Taneli
  • Mattila, Juri
  • Seppälä, Timo

Abstract

This report documents a blockchain application developed for the real estate sector. The application enables distributed workflow management in a complicated transaction process: the selling of a share of stocks in a housing corporation. As its core element, the application utilizes Ethereum-based smart contracts to facilitate the interaction of various parties involved, as well as the Interplanetary File System (IPFS) to combine data from a number of separate information pools. The motive for this application has been to understand the process of developing blockchain applications with industrial partners. Moreover, the purpose of this exercise has been to examine whether Ethereum-based smart contracts could be effectively utilized for applications in industry and finance. The application and the discussions during its development indicate that similar, market-driven workflow structures may appear in value chains where the number of parties is high and where the sources of information are numerous yet disconnected.

Suggested Citation

  • Hukkinen, Taneli & Mattila, Juri & Seppälä, Timo, 2017. "Distributed Workflow Management with Smart Contracts," ETLA Reports 78, The Research Institute of the Finnish Economy.
    • Handle: RePEc:rif:report:78
    as

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    File URL: https://www.etla.fi/wp-content/uploads/ETLA-Raportit-Reports-78.pdf
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    References listed on IDEAS

    as
    1. Hukkinen, Taneli & Mattila, Juri & Ilomäki, Juuso & Seppälä, Timo, 2017. "A Blockchain Application in Energy," ETLA Reports 71, The Research Institute of the Finnish Economy.
    2. Lauslahti, Kristian & Mattila, Juri & Seppälä, Timo, 2016. "Smart Contracts – How will Blockchain Technology Affect Contractual Practices?," ETLA Reports 57, The Research Institute of the Finnish Economy.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Blockchain; Application; Distributed workflow; Real-estate; Ethereum; Smart contract;
    All these keywords.

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L8 - Industrial Organization - - Industry Studies: Services
    • L17 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Open Source Products and Markets
    • L73 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Forest Products
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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