Technological advancements, such as machine learning or the concept of blockchain, have the potential to reshape entire branches of industry as a disruptive technology, but also offer the possibility to opti-mize existing processes. In this paper, we present a concept for vendor managed inventory relationships based on blockchain technology. Hence, we initially define necessary processes and transactions that highlight a special need for transparency and trust between the participants. We designed and developed a proof of concept that addresses the weaknesses of current VMI solutions by performing certain process steps in the blockchain. Thus, we implement a method based on smart contracts, which can interact with existing systems by using different data interfaces and therefore represents an application of Blockchain 3.0. The present work is intended to explain the concept to the reader and to support researchers for the future development of further industrial applications of the blockchain.