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Tyson York Winarski has filed a patent for a blockchain-based project management system, under application number 18655754. The system introduces a new way to manage projects through a decentralised network, providing a secure and efficient platform for collaboration across various industries.
The nutshell of it
The system’s process flow is recorded on a ledger that is stored on the immutable blockchain. It includes a cloud-based software network arbitration guide (NAG) that controls the project flow automatically on the network. The arbitration guide oversees the project’s progress and sends relevant notifications and reports based on the progress and milestones.
Blockchain’s integration with project management
The system integrates a network of nodes, where each node represents a participant in the project. The project begins with the creation of a “genesis block” which contains the core data and instructions for subsequent actions. The nodes follow a specific order to create additional blocks, each of which includes updates or data entries needed to progress the project.
From there, a second block is created in the chain that contains a hash of the genesis block and second block core data. It is generated by the node specified by the project process flow data. The completion block is generated when a project flow specified for the completion of the project process flow is executed.
The NAG plays a critical role in this system by managing the flow of tasks and maintaining data accuracy. It tracks the progress of each node, sends alerts for any delays, and ensures that all data is recorded according to the established process. The NAG can be accessed via a graphical user interface (GUI), offering users an easy-to-use platform to monitor project progress.
Source: Patent Application 18655754
Why it’s worthwhile watching
The system based on a decentralised network of nodes, means there is inherent transparency and security. This offers stronger levels of data protection with sensitive information distributed across teams.
The Cloud-Based Network Arbitration Guide manages and controls the project flow, sends real-time updates, and alerts to keep the project on track. The system also generates a “failure block” to indicate any missed deadlines or incomplete tasks, helping teams address issues promptly and maintain the flow of the project accurately without any missing parts.
The system’s nodes generate successive blocks based on predefined rules according to the project’s scope and set up. Each block is validated using cryptographic hashes and cannot be tampered with.
Where we predict this system will take off, if the patent is approved, is in sectors where data sensitivity is a priority and information is shared across different departments or organisations. Healthcare, construction and supply chain management will all benefit from the secure, transparent and efficiency that would be unlocked by the system.