Using the BSV blockchain for project management can enhance transparency, accountability, and efficiency. This is the view of Eva Porras (Lead Researcher at SmartLedger) who was speaking at the sidelines of the recent London Blockchain Conference.
By creating a ledger of project activities, blockchain allows all stakeholders to access real-time, tamper-proof records of tasks, timelines, and resources, reducing the chances of disputes and enhancing trust.
Smart contracts can automate tasks like milestone payments, resource allocation, and deadline tracking, ensuring that each phase of the project is executed as planned without manual intervention. This reduces administrative overhead, improves collaboration among team members, and minimises the risk of errors or fraud, ultimately leading to more streamlined and reliable project outcomes.
‘My take on blockchain or this ecosystem is about value. So, replacing legacy technology with new technology. I am very focused on the evaluation of projects. How would a Director of Operations or a Director of Finance measure the value added by blockchain technology.’
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Blockchain and waste management
Porras said that she is already working on a waste management project and how it can benefit from blockchain integration. ‘Waste management has all kinds of things. It has logistics, ESG, and multiple other parts. In each of these, if you use the right type of technology, you can reduce risk, reduce costs, and improve your operations overall. And for managers, it is really easy to understand how all of this works.’
Porras noted that any business opting to introduce blockchain into their project management systems will need to do a cost/benefit analysis. This includes their due diligence on the types of blockchains available and whether blockchain is even necessary, to begin with, she said.
‘I think people are interested. People are asking about it and it’s being taught in the universities, so a new generation of managers already have this thing in their minds. We have waited a long time and obviously, we cannot say that this is a new technology anymore. We’ve been working at it for many, many years.’
‘So I see adoption. I see adoption and obviously in an exponential manner,’ she said.
BSV blockchain – Built for enterprises
The BSV blockchain stands out from other public blockchains by being vastly more scalable and efficient. Its low transaction fees enable companies to manage a high volume of transactions and data without the concern of network congestion.
Additionally, the BSV blockchain’s stable protocol and fixed block size offer a dependable and predictable environment, crucial for enterprise-level applications. Its emphasis on data management and security allows businesses to store, manage, and verify large amounts of data transparently and immutably. Additionally, its dedication to regulatory compliance and industry standards builds trust and provides legal certainty.
Learn more about how the BSV blockchain can help your business here.
