I have been recently researching possibilities to make Project Management processes smarter using the latest technologies. Part of this study, I came across Blockchain technology which is the backend of Bitcoins. It’s unfortunate that with the popularity of Bitcoin, blockchain’s potential got undermined. This technology amazed me, and I think it will be creating a revolution once its unleashed as we had in 1990’s with the birth of Internet. In a gist, I foresee two major issues which exist on internet today getting resolved with this technology. Blockchain has a potential to get trust of identity within the digital environment and will be able to create a real peer to peer relationship between the consumer and product owner.

To add to the above, there is a major issue of fake identities over the web, you can never be sure who is communicating with you at the other end. Due to this, there cannot be a complete trust relationship established. For example, it is estimated that 61% of the traffic on the internet are bots behaving as real people and 45% of the profiles on different social media profiles are forged for their real identity and in 2018, 57% of news was identified as fake (Brookings survey, 2018). The concern here is that these numbers are increasing day by day and there is no real solution to ensure that technology can authenticate on its own.

Another major issue which the internet was supposed to resolve is a direct relationship between the user and seller. There are always intermediaries in between the consumer and the provider, we are still not achieving complete transparent relationship in E-commerce. For example, it is not passenger to taxi driver relationship, but it is always passenger to Uber/Kareem/Ola/etc. to taxi driver. And in the case of shopping online mostly, it is user to Amazon/ eBay/Alibaba etc. to product seller. These intermediaries are getting richer and have become massively powerful. They not only benefit by providing the intermediate service but also have control on our personal data which might be getting used in other purposes without our full knowledge.

These problems aren’t small and with Artificial intelligence evolving rapidly, there are huge number of devices which will mandate an identity trail over the digital world. The potential upcoming solution is blockchain which is getting popular in many industries but still maturing. The technology claims to enable trust based on consensus, all transactions are read only and for any update or amendment most of the blocks in the chain should validate at the same time confirming all past record history. It enables a true peer to peer platform between the user and the provider without the need of any intermediaries. It empowers the user to sustain his own data through a decentralized database and lets him decide how much to share it and where.

Every device and person can have a digital identity which would be possible to efficiently validate within seconds to ensure its not fake. All industries will have an impact and there will be products and applications that will adhere to the technology to enhance trust between parties. Complex projects even encounter issues of trust between stakeholders that hinders healthy progress status and create bureaucracies. In March 2017, the Russian government-owned bank VEB has already implemented Project management platform over blockchain considering the advantages.

“The CEO of VEB (Russia) was asked why they considered blockchain technology for their project management platform. He explained that when they were thinking about how to manage their projects efficiently, they saw no other feasible platform. But they saw the blockchain as a good fundamental and qualitative platform that can serve them even unto the future. They see its potential in improving the quality of governance and minimizing bureaucracy.”

Stay tuned to know what the possibilities can be to have project processes smarter to enhance automated relationships between multiple project resources with blockchain in our future blogs/videos.  I would be encouraged to receive comments over this compelling subject to take the discussion further.  

2 thoughts on “Unleashing Blockchain for Smart Project Management

  1. It is easy to put your trust into a block chain that has deliberately been designed in an open source environment.
    All transactions related to Block-chain and how it operates can be viewed by anyone at any time, and every transaction can be verified by anyone at any time. This is exactly why it is so easy to put trust into Block-chain technology. If there are no hidden doors, or any doors at all for that matter, then there is nothing to hide. If at any point you feel that something is wrong with any Bitcoin code you can easily look it up and check for potential flaws.
    The same can be said about each transaction which will will be there in block-chain. If at any given moment you feel a transaction was made erroneously, you can easily check its validity on the Block-chain.
    There is no third party reliance, and everything is handled by the Bitcoin network. It’s all out in the open. The community of users controls all aspects of Bitcoin and the direction that it is headed into; no corporation, business, or government has influence over it and it is purely peer to peer environment.
    Well to some extend the analysis you have done is correct but of-course the focus and also we would like to know more about the monetary advantage to have blockchain in any service industry.

    1. Thanks for your viewpoint, my research is focused now on the technology part not towards the monetary aspect. But in future blogs, we will cover how blockchain can save projects and in return cost for organisations.

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