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Unique Blockchain
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Blockchain is an upcoming technology in the project management field, which has the potential to resolve implementation-related problems. Blockchain-based project management may increase the human life standard by reducing corruption. It also protects the project from information manipulation.

blockchain technology application interface e-procurement
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Subjects: Management
Contributors : , ,
View Times: 157
Revisions: 2 times (View History)
Update Date: 26 May 2022
Table of Contents

    1. Introduction

    Successful project implementations remain a critical challenge for many organisations. Consequently, project management (PM) research has argued that much can still be learnt from studies of successful implementation and usage [1][2]. Sustainable development has been applied in PM research to create value for their stakeholders through realising benefits at an optimal resource cost, while optimising the risk [3][4].
    De Mascia [3] illustrates that “a successful project is one that has delivered all aspects of the project plan, within time and budget, whilst ensuring that sponsors and stakeholder are satisfied with the quality of what has been delivered and that the delivered products or service are fit for purpose and sustainable”. Therefore, when a project cost increases, or when there are time delays due to project implementation-related problems, then, in theory, the project is not simply successful. Developing countries are facing extreme project implementation-related problems, which has become one of the main barriers towards sustainable development [5][6].
    Extant PM studies have largely explored project quality, cost, and time-overrun problems have become a common phenomenon for public sector projects in developing countries [7][8]. For instance, in Bangladesh, a total number of 49 projects were completed in FY2016-17 under the Road Transport and Highway Division, where 41 of them suffered from both cost increases and schedule delays [9]. Additionally, it was found that the maximum time-overrun was 400% and the cost-overrun was 250% in those 41 projects [8][10]. Espousing these views, and an in-depth observation, reveals that accountability and trust are the issues involved with project implementation-related problems in developing countries [11][12]. Thus far, many studies and investigations have been conducted to identify the public sector project implementation problems; however, no proper technique has been identified which can eliminate the cost-overrun and time delay of development projects. However, there is a possibility that Blockchain may ensure the responsibility against the different tasks of a project, which may mitigate some of the public sector project implementation problems [13][14][15][16].
    Blockchain is an upcoming technology in the project management field, which has the potential to resolve implementation-related problems [17][18][19]. Blockchain-based project management may increase the human life standard by reducing corruption [13][20]. It also protects the project from information manipulation. Carlozo [14] explained that “Blockchain is a digital ledger of economic transactions that is fully public, continually updated by countless users, and considered by many impossible to corrupt. It is a list of a continuous record of blocks”. Shojaei et al. [21] explained that this technology can be used as a tool for the project’s information system. Gausdal et al. [15] claimed that poor data management can increase the project costs by up to 20%. Additionally, they explained that digital innovation, such as Blockchain technology, may establish regulation, which has potential to reduce the project cost.
    Accordingly, there are certain limitations in these studies, as they relate to understanding the concepts of Blockchain and project management systems. The previous excerpts imply that, to ensure a successful project, there is a need for more explanatory studies regarding the project problem [22][23]. In a recent study, Idrees et al. [24] suggested that Blockchain is a phenomenon involving the introduction of something new to an organisation, either objectively or subjectively. Fundamental to the notion of introducing Blockchain technology is the element of change initiated in the material and/or social world, as part of learning often involves the alteration of relationships and the prior ways of doing things. However, what is not well researched or known is the how Blockchain technology can influence project performance, and what the possible applicable areas in project management are. Consequently, the influence of Blockchain technology for managing projects effectively may well be relevant and, therefore, it conforms well to building a comprehensive framework as a guideline.

    2. What Is Blockchain Technology?

    Blockchain is a chain of interconnected secured blocks with the storing facilities of all transactions. Welfare [25] provides shorter and longer definitions of Blockchain in his book Commercializing Blockchain: Strategic Applications in the Real World, which are mentioned sequentially below:
    “Trusted and efficient way of sharing data and transection”; “Blockchain technology can be viewed as a distributed ledger of information, which maintains a continuously growing list of records, called blocks, secured from tempering and changes”.
    Blockchain is a new technology that is considered a digital ledger for any online transaction [14]. Bitcoin was invented in the year 2008 to mitigate the payment problem of E-commerce. Bitcoin is a cryptocurrency based on Blockchain [26]. Blockchain is considered an unlimited interconnected database, where it can record all transactional information in blocks.
    Blockchain consists of two elements, transactions and blocks, as shown in Figure 1. When the user performs any task, it is called transection. On the other hand, blocks record all transactions [27]. Additionally, each block contains data and the hash value of the previous block. The hash function ensures a secure transaction.
    Figure 1. Structure of Blockchain.

    3. Why Is Blockchain Unique?

    Welfare [25] argued that there are a few characteristics that make Blockchain technology unique.
    Trust: Nowadays, a lack of trust is a major problem, whether it is in business, government, communities, or processes. Due to this, it takes longer to make a supply and chain-related contract or to complete an audit. However, this technology ensures trust between different parties.
    Transparency and openness: All the information in this system updates automatically and it is open to all. Therefore, customers, owners, and organisations rely on the available information. Every project manager can easily imagine the benefit of a project with a transparent and open procurement system.
    Immutability: The basic characteristic of a Blockchain system is that, after inserting any information, it is not possible to either alter, delete, or change it. It will update automatically after the approval of the concerned persons.
    Transaction automation and smart contracts: The most important advantage of Blockchain is the automation of certain tasks, which is known as a smart contract. After making a smart contract, it became possible to enable the automation of a few tasks and transactions.

    4. Possible Applications of Blockchain Technology in Project Management

    Cloud-based applications are those through which the cloud-based software makes it possible to access through local devices, such as Apple iCloud, Google, Amazon, Microsoft, and Oracle, who all provide cloud-based services [28]. Among those, Oracle also provides Blockchain technology, including a supply chain application [29]. Oracle-based Blockchain technology will be discussed to identify the possible application of Blockchain in the project management arena. Oracle provides various types of services, as shown in Figure 2 [30].
    Figure 2. Service provided by Oracle (Source: [31]).

    References

    1. Abdullah, R.; Faizal, M. Block Chain: Cryptographic Method in Fourth Industrial Revolution. Int. J. Comput. Netw. Inf. Secur. 2018, 9, 9–17.
    2. Zarewa, G.; Ibrahim, A.; Ibrahim, Y.; Adogbo, K. Governance Impact Assessment on Large Infrastructure Project (LIP) Delivery. J. Eng. Proj. Prod. Manag. 2018, 8, 9–21.
    3. De Mascia, S. Project Psychology: Using Psychological Models and Techniques to Create a Successful Project; Routledge: London, UK, 2016.
    4. Özkan, E.; Azizi, N.; Haass, O. Leveraging Smart Contract in Project Procurement through DLT to Gain Sustainable Competitive Advantages. Sustainability 2021, 13, 13380.
    5. Ezzat, A. Challenges of mega construction projects in developing countries. Organ. Technol. Manag. Constr. 2013, 5, 730–746.
    6. Siddique, S.; Ahsan, A.; Azizi, N.; Haass, O. Students’ Workplace Readiness: Assessment and Skill-Building for Graduate Employability. Sustainability 2022, 14, 1749.
    7. Khalfan, M.; McDermott, P.; Cooper, R. Integrating the supply chain within construction industry. In Proceedings of the 20th ARCOM Conference, Edinburgh, UK, 1–3 September 2004; Volume 2, pp. 897–904.
    8. Jelena, M.A.; Abdul-Majeed, M.; Jiayuan, W.; Patrick, X.W.Z.; Ruoyu, Z. The cost performance and causes of overruns in infrastructure development projects in Asia. J. Civ. Eng. Manag. 2019, 25, 203–214.
    9. IMED: Implementation Monitoring and Evaluation Division 2019—Project Completion Report FY 2016-17. Available online: https://imed.portal.gov.bd/sites/default/files/files/imed.portal.gov.bd/page/315d64be_c080_478a_8b14_fddea2e03f02/road%20division_part_2.pdf (accessed on 1 March 2020).
    10. Khalfan, M.M.A.; McDermott, P.; Oyegoke, A.S.; Dickinson, M.T.; Li, X. Application of Kanban in the UK Construction Industry by Public Sector Clients. In Proceedings of the 16th Annual Conference of the International Group for Lean Construction, Manchester, UK, 16–18 July 2008; pp. 347–357.
    11. Oladapo, A. A quantitative assessment of the cost and time impact of variation orders on construction projects. J. Eng. Des. Technol. 2007, 5, 35–48.
    12. Azizi, N.; Malekzadeh, H.; Akhavan, P.; Haass, O.; Saremi, S.; Mirjalili, S. IoT–Blockchain: Harnessing the Power of Internet of Thing and Blockchain for Smart Supply Chain. Sensors 2021, 21, 6048.
    13. Risius, M.; Spohrer, K. A Blockchain Research Framework. Bus. Inf. Syst. Eng. 2017, 59, 385–409.
    14. Carlozo, L. What is blockchain? J. Account. 2017, 224, 29.
    15. Gausdal, A.; Czachorowski, K.; Solesvik, M. Applying Blockchain Technology: Evidence from Norwegian Companies. Sustainability 2018, 10, 1985.
    16. Haass, O.; Azizi, N. Challenges and solutions across project life cycle: A knowledge sharing perspective. Int. J. Proj. Organ. Manag. 2020, 12, 346–379.
    17. Denter, N.M.; Seeger, F.; Moehrle, M.G. How can Blockchain technology support patent management? A systematic literature review. Int. J. Inf. Manag. 2022, 102506.
    18. McDermott, P.; Khalfan, M. Achieving Supply Chain Integration within Construction Industry. Constr. Econ. Build. 2006, 6, 44–54.
    19. Rana, N.P.; Dwivedi, Y.K.; Hughes, D.L. Analysis of challenges for blockchain adoption within the Indian public sector: An interpretive structural modelling approach. Inf. Technol. People 2021, 35, 548–576.
    20. Azizi, N.; Akhavan, P.; Philsoophian, M.; Davison, C.; Haass, O.; Saremi, S. Exploring the Factors Affecting Sustainable Human Resource Productivity in Railway Lines. Sustainability 2022, 14, 225.
    21. Shojaei, A.; Wang, J.; Fenner, A. Exploring the feasibility of blockchain technology as an infrastructure for improving built asset sustainability. Built Environ. Proj. Asset Manag. 2019, 10, 184–199.
    22. Schweizer, A.; Knoll, P.; Urbach, N.; von der Gracht, H.A.; Hardjono, T. To what extent will blockchain drive the machine economy? Perspectives from a prospective study. IEEE Trans. Eng. Manag. 2020, 67, 1169–1183.
    23. Azizi, N.; Rowlands, B. Developing an IT Risk Management Culture Framework. In ICT for an Inclusive World; Springer: Cham, Switzerland, 2020; pp. 483–491.
    24. Idrees, S.M.; Nowostawski, M.; Jameel, R.; Mourya, A.K. Security Aspects of Blockchain Technology Intended for Industrial Applications. Electronics 2021, 10, 951.
    25. Welfare, A. Commercializing Blockchain: Strategic Applications in the Real World; Wiley: Chichester, UK, 2019.
    26. Notheisen, B.; Cholewa, J.; Shanmugam, A. Trading Real-World Assets on Blockchain. Bus. Inf. Syst. Eng. 2017, 59, 425–440.
    27. Atlam, H.; Alenezi, A.; Alassafi, M.; Wills, G. Blockchain with Internet of Things: Benefits, Challenges, and Future Directions. Int. J. Intell. Syst. Appl. 2018, 10, 40.
    28. Tran, M. The Top 10 Cloud Platforms Australian Businesses Are Using. 2019. Available online: https://www.ddls.com.au/blog/the-top-10-cloud-platforms-australian-businesses-are-using/ (accessed on 3 July 2020).
    29. Oracle. Oracle, 2020a, Oracle Blockchain; Oracle: Austin, TX, USA, 2020; Available online: https://www.oracle.com/blockchain/ (accessed on 3 July 2020).
    30. Oracle. Oracle, 2020b, Blockchain Platform; Oracle: Austin, TX, USA, 2020; Available online: https://www.oracle.com/au/index.html (accessed on 4 July 2020).
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    Subjects: Management
    Contributors MDPI registered users' name will be linked to their SciProfiles pages. To register with us, please refer to https://encyclopedia.pub/register : , ,
    View Times: 157
    Revisions: 2 times (View History)
    Update Date: 26 May 2022
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      Azizi, N.; Haass, O.; Maqsood, T. Unique Blockchain. Encyclopedia. Available online: https://encyclopedia.pub/entry/23348 (accessed on 30 January 2023).
      Azizi N, Haass O, Maqsood T. Unique Blockchain. Encyclopedia. Available at: https://encyclopedia.pub/entry/23348. Accessed January 30, 2023.
      Azizi, Neda, Omid Haass, Tayyab Maqsood. "Unique Blockchain," Encyclopedia, https://encyclopedia.pub/entry/23348 (accessed January 30, 2023).
      Azizi, N., Haass, O., & Maqsood, T. (2022, May 25). Unique Blockchain. In Encyclopedia. https://encyclopedia.pub/entry/23348
      Azizi, Neda, et al. ''Unique Blockchain.'' Encyclopedia. Web. 25 May, 2022.
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