How to achieve effective blockchain project management?

When most people think of blockchain, they think of cryptocurrencies, such as bitcoin, where the technology ensures secure, global, and identity-protected transactions through its distributed or decentralized setup.

With different uses of blockchain, forecasts suggest a massive expansion in the technology’s revenues, with the market expected to grow to $23 billion by 2023.

Besides security and reduced risks, companies get significant benefits from implementing blockchain technology.

Since it’s difficult for outsiders to break into the management process, data and information transfer are secure because it is distributed throughout the system. Smart, self-executing contracts allow transparency, security, and protection, ensuring neither party can cancel the contract once its conditions are met. 

No wonder blockchain technology is quickly becoming the backbone of the new digital economy with many challenges for project management.

How to manage blockchain projects, choose the right approach, and achieve effective project management of blockchain projects? Let’s find out!

What is blockchain project management?

To better understand the term “blockchain project management”, let’s first differentiate between traditional and blockchain project management.

Project management vs. blockchain project management

According to the Project Management Institute, “Project management is the use of specific knowledge, skills, tools, and techniques to deliver something of value to people. The development of software for an improved business process, the construction of a building, the relief effort after a natural disaster, the expansion of sales into a new geographic market – these are all examples of projects.”

The project managers ensure that the developers understand the project’s goal and meet the client’s expectations. They are responsible for managing the team and developing the database and processing systems. 

Compared to traditional management practices, effective 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 the theory of project management and blockchain project management, but how do things work in practice, and how to manage blockchain projects effectively?

How to choose the right approach for blockchain project management? 

There are different ways to approach different projects, including blockchain ones. To us, blockchain sounds like a waterfall

At Async Labs, we combine Waterfall and Scrum, a part of a wider agile approach. Every product is a living system that is constantly evolving, and there are always new things to discover. Therefore, it is often difficult to predict a project upfront and determine what will happen.

Still, it is good to apply Waterfall in the beginning phase of planning the project and define all of the architecture and other significant elements according to certain principles to know what we are working with. It is important to emphasize that once set requirements and plans do not change, they are specified. We don’t go beyond those frameworks once we set them up.

The Waterfall approach is an ideal methodology for setting concepts at the beginning of blockchain project development. In blockchain projects in general, it is predefined how something works. The full scope of the project work is known in advance, which is why the waterfall methodology is much more effective. 

In waterfall methodology, requirements are completed early in the project, enabling the team to define the entire project scope, create a complete schedule, and design the overall application.

The ability to refer to what was agreed upon in the pre-project phase, the project lifecycle and the contract management phase is critical to project delivery success.

Why use waterfall approach in planning phase of blockchain project management

  • The Waterfall model is easy to understand and use.
  • It is suitable for projects that are resistant to change later in the process because requirements are completed early in the project. 
  • Each phase has well-understood milestones, specific deliverables, and a review process, leading to an easily manageable and measurable project.
  • It works well in situations where you can precisely determine the requirements at the beginning of the project.

What is Scrum and when to use it?

Scrum is one of the most widely used agile methodologies. It is an Agile subset and a lightweight process framework for agile development.

Scrum significantly boosts productivity and aids in managing complex software and product development. Scrum processes allow for the smooth and rapid change of requirements, resulting in a product that meets business objectives. 

Even when things get complicated, Scrum is here to simplify them. Scrum requires a self-organizing team of professionals who can quickly solve problems in unpredictable environments.

So, the answer to Which approach to choose would be: Plan with Waterfall, execute with Agile, and speed up the whole process. 

Tips for effective blockchain project management 

At Async Labs, constant and continuous contact with clients is essential to our processes. Using a combination of tools and technology, a dedicated and enthusiastic team will offer full-stack development expertise for the frontend and backend. 

Here are some tips for more effective blockchain project management:

Choose an expert team 

The development of a blockchain project is not a quick process. Each project has its own challenges and requires extensive research and planning. Working with an engaged team of experts who develop the optimal solutions to specific problems and have your best interests ensures results.

Blockchain projects differ from traditional software development. Clients frequently underestimate the cost and complexity of blockchain project management. Having an open and honest guide throughout the process fosters trust and keeps clients informed.

An open and transparent environment encourages developers to bring novel solutions, build trust with clients, and keeps everyone involved in the process engaged.

Staying engaged and allowing open and honest feedback from all parties ensures that the final project is viable and profitable.

Experience with blockchain projects

A successful portfolio of blockchain projects demonstrates expertise in the field. Expert teams use industry best practices to save clients money and assist in launching unique products. It is also critical to conduct thorough research on a team’s previous accomplishments when selecting developers. Look for testimonials from previous clients as well as company portfolios.

Async Labs distinguishes itself from others by paying close attention to fine details to optimize blockchain projects.

A comprehensive consulting phase before development provides our clients with a solid understanding of technical architecture and various project protocols. We can work with clients to find the best blockchain development solution by utilizing our knowledge and experience.

Implement blockchain in project management 

Blockchain technology impacts various industries, including banking, health care, entertainment, and supply chain management.

Because of its time and cost-efficiency, eliminating potential risks, blockchain enables a superior operational workflow.

It can help simplify business processes and ensure the business model’s viability. This is an aspect that no company or professional should ignore. 

Obtaining expert advice in blockchain advisory services provides entrepreneurs with the trusted technical knowledge required to create a seamless blockchain product.

Don’t hesitate to reach out to us! Our team of blockchain consulting experts will get your project off to a strong start by providing personally tailored solutions