Projects are a key way for organizations to create value. Despite this, project management has high failure rates according to most metrics.
According to the PMI Pulse of the Profession 2019:
“Organizations wasted almost 12 percent of their investment in project spend last year due to poor performance—a number that’s barely budged over the past five years”
This equates to billions and billions of dollars every year that’s wasted globally. Perhaps it’s time to look at new solutions.
There is no silver bullet to fix things overnight. Instead, a multifaceted approach is needed; a crucial aspect of this is the systems that are used to manage projects.
We propose that a Project Management System (PMS) that leverages blockchain will help move success rates in the right direction.
Read below for more details on our research paper.
We’re working through the initial design requirements and architectural decisions.
Next, we’re building a working, testable Proof of Concept (PoC).
Want to know more? Interested in partnering on development? Reach out to us today!
Modern institutions are increasingly organized around the fulfillment of discrete goal-specific projects. Correspondingly, the scale, complexity, and diversity of actors involved in projects has also increased. Fortunately, a range of tools and technologies exist to support contemporary project management. The quality and fit of these tools is key to making sure projects remain successful. It is not yet clear whether incremental change and development of these tools is capable of keeping up with growing demands and evolving organisations; tasks involving disparate departments, members, and stakeholders with varying interests and priorities. Many issues with existing tools revolve around scale, trust, and valuation – leading to stratification as preferences appear for any number or combination of proprietary systems. Blockchain technologies may provide support for a new wave of project management systems, allowing managers a new range of capability and feature sets to aid their praxis.
This paper presents an explorative case-study, in which open ended interviews are conducted with practicing project managers. Interviews are analysed to understand issues that exist with the currently deployed tools and technologies. Five constructs emerge: transparency, control, dynamic status updating, incentives, and trust. Feedback suggests blockchain-based alternatives could offer significantly better performance on each of these constructs.
This research was funded in part by Enterprise Ireland and conducted in partnership with University College Cork.
Boinnex presented and received an award at the 2nd Blockchain International Scientific Conference ISC2020 on the 11 March 2020. The research paper is published in the Journal of the British Blockchain Association (JBBA), Established in 2017.
The British Blockchain Association (BBA) is the most influential voice in the blockchain industry. It is a not-for-profit organisation that promotes evidence-based adoption of Blockchain and Distributed Ledger Technologies (DLT) across the public and private sectors.
JBBA is the world’s first peer-reviewed research journal on Blockchain and DLT ecosystems that is available both in print and online.