Beyond the hype: A study of the applicability of blockchain-based smart contracts in the industry - Towards a proof of concept

Abstract

Just like its founder, pioneer of the Industrial Revolution in Europe, the John Cockerill group places innovation at the heart of its activities and is closely interested in new technologies. Amongst them, blockchain arouses the group’s curiosity. Presented as a revolutionary technology, it has seen its name become, in the space of a few years, a real buzzword that the media loves. Virtually no sector escapes it and a flood of articles already praise the multiple transformational applications of this “new decentralized database”. Oracle, Alibaba, Facebook, IBM, Amazon, Ford, Siemens, Toyota, Nestlé, Walmart, Carrefour, ABInBev, all these giants have already invested millions of dollars to benefit from a first-mover advantage in the field. And yet… More than one year after the celebration of its tenth birthday, blockchain technology has still not given birth to its killer app, the one that would definitely shut the door on all its detractors, who only see it as the result of a well-established media hype. The purpose of this work is twofold. First, it aims to bring everyone to an agreement on what a blockchain is (and is not) and how it works. Secondly, it presents an analysis of what the technology could concretely bring to an industrial company like John Cockerill. The research is supported by a practical case study on the implementation of a smart-contract-based decentralized application within the Defence Business Unit, which is currently looking for tools to optimize its logistics and commercial activities.