How Blockchain Technology can add Value in Project Management Information System (PMIS)

Abstract

This paper focuses on one of the rapid evolving technologies – Blockchain technology. The blockchain technology is one of the efficient technologies that will help the organizations in managing the various industry challenges related to data management. This research focuses on the use of blockchain technology that works of the principle of decentralization in the PMIS. In this context, a qualitative research has been conducted with the help of interviewers. The findings of the qualitative research indicated that blockchain technology has now become a major need of the project based organizations with the increasing threat of data loss, data tempering and attacks etc. The blockchain technology in PMIS will help in ensuring the integrity and value of the data along with ensuring a systematic communication among the stakeholders involved in the project. The findings also indicate that the blockchain will equally distribute the power among the stakeholder and improving the effectiveness of project in terms of meeting the time, cost and quality objectives. Lastly, the paper recommends that there is a critical need of blockchain experts and personnel who can effectively use this technology not only in PMIS but other areas as well such as the banking and finance. The training and development of the people in the area of implementing and integrating the blockchain technology with the information systems has an important relevance.