The activity of any corporation is the coordination of tasks, events, people, budget, and timing. Business projects of any size can achieve success or fail, depending on planning, administration, and the order of tasks. Efficient management demands experience, time, skills, and resources to find suitable and trusted workflow methods. However, it is necessary to find these methods so that the company can work effectively.
Organizations approach project management differently, using various guidelines, and having different levels of expertise in this area. To automate and simplify administration processes, companies use software systems or tools to organize their tasks. These services take on most of the simple tasks and can coordinate, plan, and delegate tasks.
The main benefits of software-driven management are efficient communication and access to all the data for the employees. To save costs on building their network and developing software, companies are shifting to cloud services (SaaS). These services provide tools for effective scheduling, timekeeping, document storage, and secure communication. Still, classic remote control systems are not effective enough. Blockchain can completely remodel project management.
Automation of Trust
Why is blockchain necessary to automate workflow management? The use of distributed ledger technology
(DLT) supports automatic and immutable recording of events. Each registered activity of a team or employee will be available for internal tracking. Blockchain allows Project Management Office (PMO) to register financial acts and different project-related actions such as reports, data sharing, task execution, etc. Transparency and accountability increase the efficiency of management. Employees and managers focus on their job while blockchain automates record-keeping, coordination, and basic coordination tasks. Employees, managers, departments are connected through blockchain, and no one can cheat or fake data.
Thus, when the blockchain supports management, the reputation and performance of the project team members improve. The Blockchain Research Institute
has identified five key use cases for blockchain workflow management: control of digital records, financial activities, validation and improvement of performance, creating reputation systems, and smart contract execution.
According to forecasts, the volume of blockchain use for management will grow, and by 2023 the market coverage will rise to 23 billion dollars
FCE BISTRA Combines the Benefits
is a blockchain-driven workflow management system. The core of the system is the implementation of blockchain through one-way encryption (or hashing). All necessary processes can be logged into the blockchain, but not publicly available. This feature keeps the benefits of blockchain to PMO but does not sacrifice confidentiality. The blockchain-protected database stores digital records of business processes, documents, and monitors access to the system.
BISTRA operates with tasks in the form of smart contracts. Each of them can be at a different stage: draft, waiting for signing, signed, performed, completed. When the conditions of the task are met and confirmed, the contract is fulfilled. It can be a payment, a transfer of documents, or just a mark on the performance.
and administration save time and costs. Using the trustworthy feature of blockchain and cloud data processing, most companies will begin to effectively manage their processes. The implementation of blockchain requires a rethinking of the methods of project managers and companies to process. Blockchain makes the market value-oriented and user-oriented, and focus on security and efficiency.