The Potential of Adopting Blockchain Technology and Developing Smart Contracts for Project Managers

BLOCKCHAIN TECHNOLOGY
Block Chain Technology
Individual Assignment 1
Name of the Student
Name of the University
Author Note

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BLOCKCHAIN TECHNOLOGY
The potential of adopting block chain technology and developing smart
contracts for project managers
The foremost determination of this essay is to focus on the importance of the potential of
adopting block chain technology and developing smart contracts for project managers. The
extensive developments in different kinds of industries have led to the increase of new
technologies which are used to optimize any kind of task associated with the organization. The
concept of block chain is similar to the concept of digital currency. This new rapidly growing
technology has provided much more security regarding any kind of transaction from one entity
of an organization to another. A block chain is defined as the type of technology which is used as
a database which contains all the transactional details of any particular project or unit.
On the other hand it can be said that the block chain technology is a kind of computer
paradigm which helps in solving complex computations and smaller programs in the form of the
smart contracts (English, Auer & Domingue, 2016). Block chain can also be defined as a type of
distributed database which is replicated across several departments of a business enterprise. The
application of the block chain technology is involves trusted third parties such as the banking
authorities, accountancy firms, legal firms, service provider in specific industries and
government agencies. This essay reflects on the importance of this advanced technology and the
development of the smart contracts related to the technology and organization (Belle, 2017).
Compared to the other type of centralized technologies, this technology is useful to minimize the
risks and vulnerabilities associated with the transactions. The advantage of using this new
technology is non-repudiation and maintenance of integrity. The prime limitation of this
technology is the privacy issues, latency and availability.

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BLOCKCHAIN TECHNOLOGY
The prime objective of this unit of this paper is to focus on the management of the project
by the project managers, every business organisation have a specific business objective which
are very important for the growth and development of the organisation and it is the role of the
project managers to ensures that the project they handle finish within the proposed time period
and accomplish the desired results (Peters & Panayi, 2016). The role of project manager in
highlighting their role is the main topic of discussion in this unit of the essay. The different types
of industries using this technology are information services industry, real estate industry, banking
industry, education industry.
The different parameters of the project such as the operations costs, infrastructural costs,
architectural costs, maintenance costs, management of time constraints all these should be
effectively managed by the project managers. To accomplish the business objectives, the project
manager has to go through lots of difficulties such as the resistance to change or the
implementation of the new technologies, all these issues have to be solved by the project
managers so that the projects get underway smoothly (Zheng et al., 2016). Different types of
industries involve different approaches which are essential for the proper functionality of this
technology. Every organization have different kinds of stakeholders such as the internal
stakeholders such as the CEO, board of directors, operational managers, line managers, team
leaders and employers and the external stakeholders are the vendor, third parties, marketing and
production team. All the sponsors and associated sponsors are also external stakeholders. Each of
the stakeholders of this organization works collectively for the productivity of their entire unit
(Kosba et al., 2016). Every big organization works on a contractual basis with each of the
stakeholders of the organization which provide security to both the stakeholder as well as the
organization. The contract defines the role and responsibility of the employers, all the details of

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their existing projects and future projects along with the deadlines and resources involved in the
projects are described in those contracts. The contract signing by the stakeholders of the
organization is done with the help of the digitals signature after reading all the rules and
regulation of the organization. The contracts clearly state the business objectives of the
concerned employee. The ever-changing needs and requirements of the client of this technology
is the main reason for the incorporation of the new set of strategies by the project managers
(Crosby et al., 2016). The roles of the project manager do not stop with the management of the
projects but they are also responsible for the overall professional development of both the
employees and the organisation.
The prime determination of this part of the essay is to focus on the application of smart
contracts and block chain technology. The smart contracts or the crypto contracts are the
computer programs which directly controls the transfer of digital currencies and assets between
parties under certain rules and regulations (Iansiti & Lakhani, 2017). These smarts contracts are
kept in a safe place as the growth and development of the company is dependent on it. The
functionality of the production teams and the entire business unit of an organization may
dependent on those smart contracts. The management of those contracts is very important as it
have a direct impact on the future of the organization. The smart contracts are made to store in
the block chain technology which is a type of decentralized system. That exists among all the
stakeholders of a business organization, and it does not require any human intervention (Cachin,
Sorniotti & Weigold, 2016). One of the main objectives of this contract is that it minimizes
problem related to the time and conflict among the different stakeholders of the organization.
The most significant characteristic features of block chain technology are that is very fast and
cheap compared to the other technologies. The security provided by the block chain technology

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BLOCKCHAIN TECHNOLOGY
is much more as compared with the primitive legacy systems used by the organizations (O'Leary
et al., 2017). The efficiency and productivity of this technology is improving every day with the
extensive developments in the field of science and technology. Different types of unwanted
disputes can be minimized with the help of the block chain technology.
The application of smart contracts is useful for different kinds of activities such as the
exchange of money, property, shares and other assets (Idelberger et al., 2016). All the
transactions are done smoothly with the help of the block chain technology. Bitcoin concept is
similar to the concept of block chain technology. This new concept is not most widely used due
to the enhanced skills required to operate and maintain this technology so project managers
should be dedicatedly working so that employees are comfortable in working with this
technology as it have all the capability to ensure security to all the stakeholders of the
organisation (Delmolino et al., 2016). The technical skills required for using this technology
should be given to all the concerned employees by experienced professions. Those professional
should be hired with the help of specific types of contracts which are described in the later
sections of the essay.
The concept of block chain technology is a new concept which involves smart contracts.
All the transactions of an organization in the block chain technology are done using the smart
contracts (Yli-Huumo et al., 2016). This is a type of open decentralized system where the third
arty authentication is either eliminated or considered with a limited extent. This technology
should be used by every project managers which can help them to maintain the productivity and
efficiency of the organization.

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BLOCKCHAIN TECHNOLOGY
This section of the essay will be highlighting on the concept of block chain technology
and smart contracts and the other related concepts. Designed in 2008 by Satoshi Nakamoto,
block chain technology is defined as the type of technology which is used in different types of
industries such as the healthcare industry, music industry and human resource industry (Cachin,
2016). The concept of block chain technology involves block chain placed as blocks and the
main purpose of the concept was to eliminate the third parties involved in each industry to
provide more transparency to the productivity.. Each block of the block chain is connected using
the cryptography. Each block of the block chain contains a timestamp, cryptographic hash and
data related to the transaction. Any kinds of modification or alteration of data are very much
complicated (Underwood, 2016). The block chain technology is efficiently used by different
types of organization which deals with essential data; each minute details of the transaction can
be recorded and managed with the help of this technology. This technology is used by many
organizations due to its improved efficiency. All the organization who has successfully
implemented this technology has seen their growth and development (Bahga & Madisetti, 2016).
The block chain technology is managed by the peer to peer network. The data which are stored in
the block chains are very much difficult to get altered but the security provided by this
technology is its exquisite feature.
The block chain technology is a distributed, decentralized storage medium which are
used to store and record transactions across several systems. This specification helps every
organization to store their transactions in an economical way (Prinz, 2018). The infrastructural
cost of this technology is also very much suited for different big or small industries.
This section of the essay will be focussing on the basic fundamental structure of each
block in block chain technology. Each block in the block chain technology records some sort of