You may have heard that blockchain and Web3 technology will revolutionize the way we work. Honestly, this is an overstatement. Many industries are scrambling to use blockchain technology for workflow optimization and project management. But we are still very early in the adoption process, and as time goes on, more industries will embrace this technology.
One day, every industry will use blockchain and Web3 as the core of their operations. Many companies will consider them the backbone of their operating system. So you need to know how a blockchain project management plan can be created.
What Is A Project Management Plan?
First, to understand what a blockchain project management plan is, we must understand what a project management plan is.
A project management plan is a document that outlines the goals, scope, schedule, and budget of a project. It also outlines the duties and functions of the people working on the project.
A project management plan includes many of the pieces needed to manage any type of project. The basic idea of what it should include is:
- Scope: What will be done? What is the goal?
- Timeline: When does the project start and end?
- Budget: What is the projected cost of this project?
- Risk factor: What could happen to this project, and how can it be prevented?
The main purpose of this plan is to help plan projects by defining their scope and deadlines. A well-written plan can help a company manage its resources better because the plan helps identify bottlenecks in the workflow.
What Is A Blockchain Project Management Plan?
We already understand what a project management plan is, so what about a blockchain project management plan?
Compared with traditional management methods, blockchain project management provides a way for businesses to complete important projects on time, with greater efficiency, and at a lower cost. As you can see, there is no significant difference in theory between traditional project management and blockchain project management.
The basic goal of blockchain project management planning is that the work is completed as required and with quality assurance within the approved cost, on time, and keeping the project scope constant.
How To Create A Blockchain Project Management Plan?
1. Define use cases
Identifying, outlining, and organizing your needs comes first. Understand exactly the problems you want to solve and confirm whether implementing blockchain solutions helps solve them. It is advisable to start with a test project, analyze the results, and then deploy them on a larger scale.
I recommend answering the following questions before implementing blockchain technology.
- How does blockchain disrupt business?
- Is the purpose of the business application understood?
- Is the technology resilient, scalable, and secure?
- What is the impact of blockchain technology on the market?
- How does blockchain reduce costs or improve customer service?
- How should blockchain be managed?
- Are we looking at a 3-5 year plan for blockchain?
2. Create a proof of concept
Once you’ve identified a use case, it’s essential to create a valid Proof of Concept (PoC). A Web3 blockchain project for enterprises is nothing more than a strategic procedure to assess the feasibility of a Web3 blockchain project. Understand the planning phase and evaluate the steps that guide you in creating your Proof of Concept. Here are the steps to creating a proof of concept.
- Build a set of web3 blockchain tutorials to explain the business project
- Create a prototype involving design, code, and sketches.
- Test prototype to undertake stand business situation
3. Choose a blockchain platform
Some popular blockchain platforms include:
- Ethereum: determine the potential growth rate of the business
- Quorum: eliminate data tampering in business transactions
- Hyperledger Fabric: create private blockchain applications for businesses
- Stellar: developing applications for companies and institutions
- Corda: make transactions directly through smart contracts with full security
- Open chain: maximize each aspect of enterprise human resource management
- Multichain: optimize human resource work at a professional level
When choosing a blockchain platform, determine if the engineering team is organized and if they have an open source station. The platform should also fit your budget. The transition from a successful proof-of-concept to full-scale implementation is a challenge for both government and business. Therefore, the following factors need to be considered:
- Gain a common level of technical understanding among business leaders
- Create a strategy and vision for the use of blockchain technology
- Interact with regulators to establish clarity and stability
This guarantee will help realize the promised tangible benefits.
4. Choose the right consensus protocol
In a distributed network, the consensus protocol alone can create an irrefutable system of agreement between devices. Consider the many types of consensus protocols available.
- Proof of work
It resists network attacks like DDoS and validates transactions to generate new blocks.
- Proof of stake
Developers are selected for the next block by a combination of random qualifications such as age, wealth, and performance.
- Authorized share proof
Guaranteed transaction approval as a fixed pool of miners participate in activities
- Byzantine Fault Tolerance (BFT)
Reach consensus by depending on the same value even when network elements are not responding.
- Proof of weight
They reach an agreement by depending on the weight of the cryptocurrency that the miners have.
5. Ecosystem building
Blockchain technology will be at its best when stakeholders are involved. However, to create a new industry ecosystem, there needs to be a community within an organization. Because they can understand the potential of technology and improve standards and rules.
These are the steps to building an ecosystem.
- Start with smaller stores
Build a blockchain with a few stakeholders who can scale it later.
- Find a community
Expand your network through blockchain contracts and discover more industry applications.
- Conduct competitive analysis
Analyze competitors or new entities and look for potential partnerships.
- Standardize data with a powerful governance
Develop standard naming conventions and system-wide data models.
6. Define rules of engagement and navigate uncertainty.
The new blockchain ecosystem will solve organizational problems and comply with processes. Issues related to privacy, compliance, and cybersecurity must be addressed. Or else, the underlying processes may be forced to be redesigned.
Here are the main plans.
- Face the risk
Join the cybersecurity, compliance, and legal teams on the blockchain development team while they build a framework.
- Consider privacy implications
Invest in data and its processes. Data immutability is an important feature of blockchain, and it must be aligned with security strategies like GDPR.
- Use current regulations
Agile, nimble. Existing regulations are applied in a variety of ways. So be agile to adapt and comply.
- Evolutionary regulation tracking:
The laws regarding the use and protection of data are constantly changing and are dependent on blockchain operations. So please involve the regulatory authorities.
Conclusion
Blockchain technology impacts many industries, including banking, healthcare, entertainment, and supply chain management. Due to its time-saving and cost-effectiveness, eliminating potential risks, blockchain enables the process to work out of the box.
It can help simplify business processes and ensure business model viability. No organization or individual should disregard this factor.
Get expert advice on blockchain consulting services that provide entrepreneurs with the trusted technical knowledge needed to create a seamless blockchain product.
Do not hesitate to contact us at hello@satom.vc! Our team of blockchain consultants will help get your project off to a strong start by providing individually tailored solutions.
