Published on May 24, 2018
Updated on January 25, 2020
Read time 6 minutes
How nTask Can Help With Your Next successful Project Management with Blockchain Venture?
By now, buzzwords like “project management with blockchain”, Bitcoin, and cryptocurrency have probably made it to your ears. Blockchain technology looks promising and can change the course of our lives and work patterns. You might have heard of overwhelming Bitcoin fluctuations and a rise in investor’s interest in a regulation-free investment.
Introduced as a research paper by Satoshi Nakamoto in 2009, this phenomenon spread quickly and widely.
Bitcoin has become controversial and swamped with speculations. It is often described as “technological tour de force”, “achievement and beginning of something great” along with “a tool for black market activity” and “dangerous.” The perceptions of Bitcoin have had CXOs and the experts talking.
Regardless of where Bitcoin stands, it’s the technology behind it that’s bound to prevail and is “a very big thing, indeed” – the blockchain.
What is blockchain technology?
In a nutshell, a blockchain is a distributed ledger that maintains a continuously-growing list of transactions across networks that are distributed over tens of thousands of computers.
This technology allows people to exchange things of value with one another without any regulations. There is no need to authenticate transactions, such as governments and banks, and to authenticate and exchange assets on a decentralized, virtual ledger.
Such assets may include virtual currency, intellectual property, titles, credentials, resumes, contracts, and personal data.
The emergence of blockchain technology has opened doors for redefining the way industries work, and companies have begun rapidly banking on this technology. These include real estate, cargo systems, online game communities, banking, and much more.
Research shows that, in 2018, the global blockchain technology market is predicted to reach $548.2 million in size and is forecast to grow to $2.3 billion by 2021.
Blockchain and cryptocurrencies
The emergence of self-developed cryptocurrencies takes the foremost seat; companies are creating their own currencies, with rates decided by the state of corresponding investment and no third-party regulations.
Promoted through investments gathered via Initial Coin Offerings (ICO), these currencies have seen a significant hike over the years. In 2016, the total funds raised through 30 ICOs was $94 million and just a year later, the number of ICOs had risen to 885, raising funds worth over $6 billion.
These cryptocurrencies are then used for the exchange of other services, e.g., virtual identities, game points, or online purchases.
The impact of this technology can be gauged by this fun fact: when the brand Long Island Iced Tea changed its name to “Long Blockchain Corp.,” it experienced a 200% instant rise in stock price.
While blockchain development is a significantly new phenomenon and has no established frameworks, it is only but necessary to make use of the best tools to keep up with the fierce battle of the blockchain market.
Blockchain and project management
There are many organizations that still don’t use any project management solution. All the responsibility of the project’s success or the failure is placed on the shoulders of project managers. The breakthrough of the blockchain technology has given innovative ideas to the project management software companies.
One tool to stay ahead is an efficient project management application – a tool that can streamline the entire process to chase away any unnecessary bottlenecks. This brings us to nTask, a free online task management tool.
Designed and created for efficient project management and team collaboration, nTask is flexible enough to cater to a wide array of projects – including blockchain development and ICO campaign management.
Hence, if you are looking toward taking a piece of the blockchain pie, partner with nTask for a smooth transition from your idea to the next blockchain phenomenon.
nTask for blockchain venture
Let’s dive deeper, shall we?
Ideation, planning, and team-building
Every game-changer starts with an idea, based on innovation or improvement of current products and services. The key element of every project starts with planning – the feasibility, the budget, the timeline, and the team.
nTask comprises of project planning modules built on a customized approach. It serves as a comprehensive yet simplified mechanism to team creation.
By using a task management software, you can create your blockchain project, list the tasks needed for the project, assign different tasks to individual team members, or share a task within a team.
These modules do not just serve blockchain development. Rather, you can also create and manage an entire blockchain marketing campaign, arrange an ICO, hire a team, or manage resource allocation – all within nTask.
Each team member can communicate smoothly with the rest of the team and share information via attachments or task comments with nTask centralized platform. This information could be regarding project baseline, additional information, urgent changes and much more.
Discussions, meetings, and collaboration
Understandably, projects on different scales require numerous discussions and updates to pave the project course. This calls for urgent and on-the-spot discussions or planned interval-based meetings. The same goes for blockchain development. Any turn in the project course can invite an innovative idea or last-minute decision-making.
Meetings management within nTask allows for the handling of meetings from invitations to minutes with the flexibility of one-on-one meetings or team discussions.
Set reminders and notifications and make the most of these meetings through a pre-defined agenda so your team can be prepared and follow-up actions. Equipping your team to identify exactly where to pick up from the last discussion.
Timesheets, payroll and incentives
To promote accountability in a team, the use of accurate timesheets is important. You guessed it: nTask has a solution for that, too.
With Timesheets in nTask, make use of simplified, accurate and secure timesheets both for employees and management. Employees are able to log hours they worked and the management gets to review and approve those within a few clicks, all in the same tool.
With this process, there is no risk of missing, delayed, or incorrect logs. Plus, you can track past timesheets and assess resource expenditure through the project’s course.
Issues, risks, and resolutions
Every project comes with risks; predictable ones and unpredictable, as well as sudden issues that can impact project development.
This requires establishing a well-planned mechanism for timely and efficient issue identification and resolution. You can achieve this with issue tracking in nTask, a module that enables teams to identify project issues, that can be assigned and tracked as they move from identification to resolution.
Risk calculation is another important factor that can greatly affect the implementation of a project. nTask provides you with a Risk Management module, to help identify and assess risks and their likelihood of occurrence well ahead of time. Also, it helps in drafting a solid mitigation plan to eliminate all project-related risks.
This makes it easier to prepare for potential changes and create alternate plans and routes.
Safe, smooth and secure
With nTask, your information is also guaranteed to stay secure.
To begin with, your nTask account uses a two-factor authentication mechanism. This makes access to your account secure.
Designed in a way to facilitate security and confidentiality, with nTask you can better focus on project development without having to worry about information breach.
Smarter team management
It all comes down to your team if you are to plan for a successful ICO or want to ensure a smooth workflow for DevOps. With team management in nTask, you can achieve the same.
Create a dedicated workspace for your ICO/blockchain project, use unique workspace settings, and better manage your team members. Moreover, you can collaborate with a workspace that is secure and readily available wherever you go.
This is how nTask can help you become a blockchain trailblazer. Have a look at nTask for yourself and share your experience in the comments below.
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