Blockchain is a relatively new piece of technology, primarily used to
facilitate secure transactions between users. The technology is growing at a
rapid rate, and the blockchain industry is on track to be worth well over $20
billion by 2024.
Blockchain has singlehandedly revolutionized a whole industry by
enabling secure trading.
ensures that the exchange of cryptocurrencies is decentralized and transparent
– which is why it is now considered a standard means of cryptocurrency exchange
across the globe.
A vast majority of banks (69%
of them!) are experimenting with blockchain technology, and its implementation
will save them billions of dollars annually. Even governments have invested hundreds
of billions of dollars to study blockchain and its applications in
However, the billion-dollar technology has
enormous potential to disrupt areas of any business as well – project management being one of them. The technology
can be used to keep a tamper-free record of exchanges of other kinds of data,
not just cryptocurrency.
information about funds and payments can be shared transparently and be
accounted for. It can also be used to keep
track of progress on individual tasks. These technology
adaptations will expedite project management multi-fold. Analyzing how
blockchain is making a difference in industries of all kinds will make its
applications in management clearer.
Two critical aspects of Blockchain that make it apt for project management
#1 It’s quick, encrypted, and cost-effective
the internet, works 24/7 and will keep track of exchanges in real-time. It
makes for quick turnaround times and enhances team accountability.
technology creates a cohesive environment for people to collaborate and produce great results. It also helps
avoid scheduling and budget overruns, which are top reasons for project
failure. The exchanges
that take place between users are encrypted and cannot be tampered with.
Furthermore, blockchain maintains its integrity by keeping all records public (for parties involved) and uniform.
managing projects, the records cannot be made public. However, the data
exchanged will still maintain its integrity within the private network, making
it more secure. When the
exchanges are fast and safe, it makes for better
team commitment, and the roles and responsibilities of members are better
defined. With the drastic
reduction in chances of an overrun, every project delivers fruitful results.
#2 Smart Contracts
These are, by
far, the most useful business-centric
feature that blockchain supplies. It's very practical, and every business
should get their hands on some. A smart contract is a self-executing contract that does not require
human intervention post setup. The contract is
defined when users stipulate its terms and conditions and digitally sign it. It
executes by itself when the conditions are met.
offer a ton of flexibility and can
do a lot to keep the workforce committed and motivated.
when they reach milestones is made easy for managers as it can be completely
automated. Promotions, new
assignments, and bonuses are easy to agree on and solidify regardless of where
your employees are located. They can also be
used to facilitate automatic payments to
contractors, vendors, consultants, and employees alike.
decentralized nature is a little unorthodox, but it is perfect for project
management since everything is transparent, and it ensures that everyone on the
team is on the same page.
It also makes the
manager's job more streamlined since they can easily monitor progress. It also wholly
rules out any bureaucracy from the work environment and makes the most of the
talent available. Blockchain puts
businesses in a new and unique position, where top talent from around the world
can be a part of projects they're genuinely interested in and care about.
Not just that,
the use of blockchain for project management gives businesses access to
individuals who specialize in specific skills. Every project has a lot of
different aspects, all of which require unique expertise. Having employees
with strong backgrounds and loads of expertise in their field on your team
ensures that every facet of the project is in the best hands.
allows businesses to connect to niche
vendors and expert consultants, which can add a lot of value to a project
in a short time. An idea for an app or software can be realized to fruition with
blockchain, without having to hire and curate your own team or outsource your
It is effortless to connect with SMEs (Subject Matter Experts) from
across the globe via blockchain. They have the expertise and a knack for
putting out the best products.
saves you from a lot of hassle as finding the right people, and making a strong
team after filters and interviews can be tedious. Agile project management
makes it easy to assign and monitor progress on scheduled tasks as well as
scope out and set long term goals.
We at AIDOOS rapidly realize even the most complex of ideas.
We are creating blockchain frameworks over cloud infrastructure for all-round
project management. Our clients can
hire talent, outsource critical operations, manage business reports, and make
payments using one single blockchain dashboard.
revolutionize how projects are managed. Remote expertise will drive more demand
compared to on-location hiring. The inherent
integrity and security that blockchain leverages will make project management
completely transparent, highly efficient, and extremely secure.