Blockchain

Execution of project planning

When you think of blockchain, it's usually in relation to cryptocurrency like bitcoin, where the technology, with its distributed or decentralized nature, ensures secure, fast, and identity-protected transactions.

But the same qualities that make it ideal for handling currency transactions also make it useful for handling other types of transactions, including sharing information, sending reports, processing payments, ensuring tasks are completed, and much more. In other words, Bitcoin technology shows promise for things like project management.

In their Harvard Business Review article "How Blockchain Will Change Construction," authors Don Tapscott and Ricardo Viana Vargas ask, "Can the same distributed ledger technology that powers Bitcoin also enable better execution of strategic projects in a conservative sector like this." enable construction? large teams of contractors and subcontractors and a plethora of building codes, safety codes and standards?”

And their answer could apply to almost any type of project management: "Using blockchain to automate the contracting processes and paperwork underlying these complex projects could save money, free up valuable resources, and speed up project delivery."