A Blockchain Solution for Risk Management in Industry

The paper presents the use of a blockchain technology in risk management (B-RM) for the analysis of failure modes and effects (FMEA) as well as for the development of the control plan (CP) in the quality management system of an enterprise in the automotive field. The solution proposed by us substantially improves the risk assessment and management process through transparency, traceability and ensuring data integrity. At the same time, the implemented system improves the response speed of the parties involved. The study presents the solution proposed by us, how the system is implemented at the enterprise level, as well as some case studies in which the pilot model created by us was used. To validate our solution, performance comparisons were made with the classical solution that was applied in the enterprise. The results clearly show the benefits of the proposed method.