Integrating Blockchain Technology in Project Life Cycle for efficient Project Management

Master's Thesis from the year 2019 in the subject Business economics - Business Management, Corporate Governance, grade: 1.0, , course: MSc Project Management, language: English, abstract: Blockchain Technology has the capability to develop as a disruptive technology in management and business domains. There is a lack of understanding also less amount of information about innovative blockchain technology and its potential future influences that hinder its academic and realistic application. Organizations it is essential to know the right influence and risk of blockchain technology adaptions also applications in order to obtain also retain economic advantages. There is no doubt such kind of revolutionary technology will have a direct effect on the conventional way of managing projects. Unless the organizations identify the shift, they will be left in the background wondering what had happened.

This research study recognizes peer-reviewed journal papers also presents a systematic literature review study of the furthermost suitable blockchain technology features to be integrated into the project life cycle for efficient project management. Preliminary research shows that Blockchain technology is an immutable, distributed ledger technology that has been implemented as an enabling system to provision cryptocurrencies. Blockchain Technology is presently resolving various issues in different domains. Such as supply chain, medical health, energy, construction, finance and manufacturing but not in project management, due to its early stages. In addition, that most of the organizations use Ethereum blockchain and smart contracts towards addressing their difficulties and enhancing efficiency in their respective fields of business and management process.

Research findings shows that smart contract and distributed ledger technology are the most adapted blockchain features in current business organizations, furthermore study recommends the kind of changes need to adapted by the organizations in order to handle future projects. Finally systematic literature review research findings sheds light on future directions of research studies could contain analysis of the different approaches which Ethereum and additional decentralized blockchain technologies can be used to build efficient project management framework.