Blockchain project managers are rare and becoming more sought after than ever as businesses integrate blockchain and cryptocurrencies into their business and workflow.
If you are one of these businesses who is new to blockchain but want to get involved, hiring a project manager who understands the ends and out of blockchain technology is going to be crucial. A successful blockchain project manager will assist your team in the blockchain development process while working with stakeholders, outlining objectives and deliverables.
Blockchain technology is disrupting all industries and creating new ways to engage people, complete tasks, pay vendors and employees, and conduct business. This article will go over the process of how to hire a blockchain project manager. But first:
What is blockchain, specifically?
Blockchain is a specific type of database. It’s a technology entirely based on storing information in a distributed ledger system, a.k.a ‘blocks.’ The blocks are linked sequentially to form a chain. The distributed ledgers are programmed to record data that holds financial significance. In short, a blockchain is a time-stamped series of tamper-proof records of data that is not managed by a central authority but managed by a network of computers or nodes. There are three pillars of blockchain technology which are transparency, decentralization, and immutability.
What is Blockchain Project Management?
The role of a blockchain project manager includes resource monitoring and reporting, oversight of security protocols, transaction management systems, and developing any specialized features.
While blockchains are most linked with Bitcoin, more businesses are interested in this technology's project management capabilities with the addition of understanding other use cases with blockchain technology.
The Benefits of Blockchain Management
When Bitcoin was first launched in 2009, it used a blockchain management system, which allows for a decentralized system while still managing information. Traditional blockchain methods, such as those pioneered by Bitcoin will interrupt the flow of information on which most businesses have invested years.
A blockchain is made up of multiple locations where project participants can communicate with one another. For complete transparency, all conversations and transactions are recorded. Budgetary issues can be better managed because all purchases and transfers are visible to all participants. It establishes a mechanism for project managers that allows for input while also providing more efficient oversight than standard project management systems.
Why Blockchain Projects Need a Blockchain Project Manager
Every decentralized ledger project has a project manager at the helm who serves as a liaison between developers and clients. Essentially, blockchain project managers guarantee that developers are aware of each project's scope and able to match the client's expectations.
A blockchain project manager is also in charge of the team's management. He or she will primarily work on the database system, processing systems, and the project's token economy with the rest of the team. He or she is essentially in charge of the entire blockchain infrastructure process if the project is not built on a token economy.
A blockchain project manager is responsible for resource monitoring and reporting, oversight of security protocols, transaction management systems, and the development of any unique features.
All blockchain-based projects have a ledger system and processing units at their core. As a result, ensuring that these systems are as efficient and reliable as possible is important. As a result, you must make sure that these processing activities are always as efficient and trustworthy as possible.
Examples of Projects Handled by Blockchain
1. Smart Contracts for Crowdfunding Platforms
Anyone who has ever been involved with crowdsourcing knows that many project creators can delay deliverables, while others may fail to deliver altogether. For example, crowdfunding systems have issues with accountability and trust. Oftentimes, funds raised from backers and investors never see a return or project completion, or funds just get misappropriated.
Using a blockchain-based platform can change all of this and make the whole process transparent. Investors can see where their money is going and how it is being spent thanks to blockchain technology. A smart contract allows funds to be held in Blockchain until the project or startup founder has made progress. Pretty cool right?
2. Peer-to-Peer Ridesharing
Most carpooling and cab services have a middleman, the agency. So, what if a company like Uber decides to stop operating in a city? Riders and drivers would be able to connect directly if ridesharing were shifted to the Blockchain without the use of an intermediary. If this initiative were successful, it would be able to create a network that would provide safe, dependable transportation.
Ridesharing is also a centralized trust-based system in which customers trust service providers with ride scheduling, tracking, cancellation, and fare fees, among other things. Any malicious conduct by the centralized server-based system, the driver, or the rider can compromise the ride's fairness, causing an inconvenience to all parties involved.
Passengers rate the drivers once they have completed the ride. A vindictive rider may be able to obtain a refund by filing a false complaint and giving the driver a negative rating. The current ride-share methods are incapable of determining the validity of either party's complaints.
A blockchain-enabled solution would ensure the transparency and fairness of the ride. The creation, completion, dissatisfaction, or cancelation of any ride would be written in the blockchain ledger and would be available to all participants in the peer-to-peer network.
3. Blockchain Voting System
People still distrust electronic voting systems' ability to safeguard data and defend against attacks, even though they have superseded paper-based methods. The country's elections could be transparent and publicly verifiable, thanks to the blockchain-based system. Voting could be performed using a mobile application that is connected to a blockchain system if it is successfully established.
4. Decentralized Web Hosting System
Web hosting works by storing all files, including content, code, audio, video and images in a centralized location that can be accessed via the internet. However, when server maintenance is performed or when the server's load is heavy, your website will be offline.
What if your website didn't need a central server because of Blockchain? You can separate your website content into chunks and distribute it around the internet, then join them together using a blockchain registry. Yet another really cool way that blockchain can be integrated into business.
How to Hire a Blockchain Project Manager?
Convinced that your company needs to hire a blockchain project manager? If so, the following are details you need to know before starting your search and hiring.
What They Do: They oversee blockchain developments. This normally entails leading a team of Engineers and Developers, as well as garnering buy-in from others in the firm to drive your ideas forward and meet the company's key objectives. They are responsible for outlining the objectives, purpose, roadmap, and deliverables.
Requirements: Previous project management experience with expertise in blockchain for business is necessary for this position.
What to Pay: Project management roles in the software industry typically pay between $50,000 and $150,000+ per year. PMs with expertise in blockchain are slightly harder to come by and may require more outlay depending on the scope of the project.
The Perfect Candidate: People who are trained project managers, experts in budget management, blockchain technology, and have a proven track record of successfully managing teams and projects.
When compared to traditional project management methodologies, successful blockchain project management provides companies with a new, secure way to do business by integrating blockchain into their workflows, transactions, supply chains, while completing key projects on time, with higher efficiency, and at a lower cost.
At Our Project Experience, we have a dedicated team to help get your project off the ground to reach your goals. Each client is paired with the perfect project manager, based on project requirements and how well we think you’ll work together. We’ll make sure your experience is a smooth and happy one, and you’ll have our full team at your fingertips. Learn more here.