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Trust First, Technology Second
Heilbronn, 12.06.2026 (PresseBox) - So far, it has been known primarily in connection with cryptocurrencies: In the case of Bitcoin and similar currencies, blockchain technology ? that is, decentralized digital databases designed for transparent and tamper-proof data storage ? ensures secure transactions. But blockchain can also be applied in other areas, such as supply chain finance.
?In many supply chains, suppliers remain underfinanced,? says David Wuttke, Associate Professor of Supply Chain Management at TUM Campus Heilbronn. This is particularly evident in developing countries, where banking services are often lacking, and information is unevenly distributed. Here, blockchain may offer a solution, explains Sairam Sriraman, research associate at the Center for Digital Transformation at the TUM School of Management on Campus Heilbronn: ?The technology can improve access to financing by reducing transaction problems that may occur due to a lack of transparency, fragmented systems, slow processing, and double financing.?
But how exactly does blockchain technology reduce these so-called frictions? Which features of the technology are particularly beneficial, and where do they reach their limits? Wuttke and Sriraman explored these questions in a study, together with Eve Rosenzweig, Professor at Emory University and TUM Distinguished Affiliated Professor, and Volodymyr Babich, Professor at Georgetown University. They analyzed 312 text documents describing eleven different blockchain-based supply chain finance (BCF) solutions. Using AI-based language models, they examined how seven financing frictions relate to the three blockchain functions of information exchange, automation, and tokenization. In this context, tokenization refers to the digital representation of an asset, a right, or a claim to use.
Surprising Results
The biggest surprise: transaction frictions?that is, operational financing obstacles?are most frequently mentioned in those documents, even though they have received relatively little attention in the scientific literature to date. ?Slow document workflows, fragmented systems, and too many transitions can result in funds not reaching companies on time. In practice, this has significant business consequences and can be a key reason for slow or ineffective financing,? explains Wuttke. Why have these obstacles nevertheless often been overlooked so far? ?They play a more minor role for non-blockchain-based financial arrangements,? Wuttke speculates. Blockchain could be a good solution here: ?It can create trusted shared data sets, automate steps, and sometimes reduce dependence on intermediaries.?
Another striking finding is that tokenization was not used in all cases. Given that this feature is the one that sets blockchain apart from conventional technologies, the researchers expected it to be used in all arrangements. ?Tokenization is particularly well-suited for creating digital claims on assets or reducing reliance on intermediaries,? says Wuttke. However, most companies in the study would primarily indicate the use of blockchain to eliminate transaction friction, adds Sriraman: ?That?s when they mainly focus on information exchange and automation.? That could change in the future: ?For the two functions mentioned, there are alternative technologies such as cloud solutions. Smart contracts ? that is, automatically executed digital contracts ? could also play an important role. Tokenization, on the other hand, is one of blockchain?s core functions.?
Foundation for Further Research
How can these findings be applied to the reality of suppliers and small and medium-sized enterprises? Wuttke recommends: ?They should not blindly trust technological solutions, but rather analyze more closely where the actual obstacles lie?whether they have too little reliable information, whether too much has to be processed manually, or whether there are difficulties in converting assets into financial resources. Blockchain only offers benefits if the chosen function fits the specific problem.? Sriraman adds: ?A shared platform with partners can be very helpful in securing more affordable financing, but also in gaining access to financing in the first place. Mutual trust is a precondition for this.
With their study, Wuttke and Sriraman are doing pioneering work, as blockchain is still rarely used in supply chain finance. ?With our study, we want to lay the groundwork for further research on this entirely new topic,? says Wuttke. The small sample size does make it difficult to draw reliable statistical conclusions. ?But as soon as larger data sets become available, it would be great to examine the relationships more closely.?
Future research questions could include how information, automation, and tokenization interact. Or what added value potential hybrid solutions combining AI and blockchain could create. It is by no means certain that blockchain will prevail in supply chain finance in the long term, says Wuttke: ?In ten years, AI may have replaced blockchain. But it could also end up being a completely different technology that replaces blockchain ? such as quantum computing. In any case, it remains exciting to follow the further developments.?
?In many supply chains, suppliers remain underfinanced,? says David Wuttke, Associate Professor of Supply Chain Management at TUM Campus Heilbronn. This is particularly evident in developing countries, where banking services are often lacking, and information is unevenly distributed. Here, blockchain may offer a solution, explains Sairam Sriraman, research associate at the Center for Digital Transformation at the TUM School of Management on Campus Heilbronn: ?The technology can improve access to financing by reducing transaction problems that may occur due to a lack of transparency, fragmented systems, slow processing, and double financing.?
But how exactly does blockchain technology reduce these so-called frictions? Which features of the technology are particularly beneficial, and where do they reach their limits? Wuttke and Sriraman explored these questions in a study, together with Eve Rosenzweig, Professor at Emory University and TUM Distinguished Affiliated Professor, and Volodymyr Babich, Professor at Georgetown University. They analyzed 312 text documents describing eleven different blockchain-based supply chain finance (BCF) solutions. Using AI-based language models, they examined how seven financing frictions relate to the three blockchain functions of information exchange, automation, and tokenization. In this context, tokenization refers to the digital representation of an asset, a right, or a claim to use.
Surprising Results
The biggest surprise: transaction frictions?that is, operational financing obstacles?are most frequently mentioned in those documents, even though they have received relatively little attention in the scientific literature to date. ?Slow document workflows, fragmented systems, and too many transitions can result in funds not reaching companies on time. In practice, this has significant business consequences and can be a key reason for slow or ineffective financing,? explains Wuttke. Why have these obstacles nevertheless often been overlooked so far? ?They play a more minor role for non-blockchain-based financial arrangements,? Wuttke speculates. Blockchain could be a good solution here: ?It can create trusted shared data sets, automate steps, and sometimes reduce dependence on intermediaries.?
Another striking finding is that tokenization was not used in all cases. Given that this feature is the one that sets blockchain apart from conventional technologies, the researchers expected it to be used in all arrangements. ?Tokenization is particularly well-suited for creating digital claims on assets or reducing reliance on intermediaries,? says Wuttke. However, most companies in the study would primarily indicate the use of blockchain to eliminate transaction friction, adds Sriraman: ?That?s when they mainly focus on information exchange and automation.? That could change in the future: ?For the two functions mentioned, there are alternative technologies such as cloud solutions. Smart contracts ? that is, automatically executed digital contracts ? could also play an important role. Tokenization, on the other hand, is one of blockchain?s core functions.?
Foundation for Further Research
How can these findings be applied to the reality of suppliers and small and medium-sized enterprises? Wuttke recommends: ?They should not blindly trust technological solutions, but rather analyze more closely where the actual obstacles lie?whether they have too little reliable information, whether too much has to be processed manually, or whether there are difficulties in converting assets into financial resources. Blockchain only offers benefits if the chosen function fits the specific problem.? Sriraman adds: ?A shared platform with partners can be very helpful in securing more affordable financing, but also in gaining access to financing in the first place. Mutual trust is a precondition for this.
With their study, Wuttke and Sriraman are doing pioneering work, as blockchain is still rarely used in supply chain finance. ?With our study, we want to lay the groundwork for further research on this entirely new topic,? says Wuttke. The small sample size does make it difficult to draw reliable statistical conclusions. ?But as soon as larger data sets become available, it would be great to examine the relationships more closely.?
Future research questions could include how information, automation, and tokenization interact. Or what added value potential hybrid solutions combining AI and blockchain could create. It is by no means certain that blockchain will prevail in supply chain finance in the long term, says Wuttke: ?In ten years, AI may have replaced blockchain. But it could also end up being a completely different technology that replaces blockchain ? such as quantum computing. In any case, it remains exciting to follow the further developments.?