Quick Definition:
Blockchain is a decentralized, distributed ledger technology that records transactions across many computers so that the record cannot be altered retroactively. In PM, it can be used for smart contracts and secure supply chain tracking.
Key Benefits
- Transparency: All stakeholders have access to the same immutable record of project events.
- Security: Decentralized storage makes data much harder to hack or manipulate.
- Smart Contracts: Automated payments and actions triggered by project milestones.
Future Outlook
While still in its early stages for PM, blockchain has the potential to revolutionize industries like construction and supply chain management.
