Model to Program and Blockchain Approaches for Business Processes and Workflows in Finance

Abstract

Business process modeling and verification have become an essential way to control and assure organizational evolution. We overview the opportunities for the application of blockchain in Business Process Management and Modeling in Finance and we focus on in-depth analysis of claim process in insurance as a use case. We investigate the utilization of blockchain technology for model checking of Workflow, Business Processes to ensure consistency, integrity, and security in a dynamically changing business environment. We create a UML profile for the blockchain, then we combine it with a UML activity diagram followed by a verification using Petri nets to guarantee a distributed computing system and scalable with mutable data. Our paper creates a unified picture of the approaches towards business processes modeling used in the financial industry organized around the set of premises intending to develop a future research agenda for blockchain business process modeling, specifically for the financial industry domain.