How Blockchain and IoT Affect Project Risk Management

Abstract

This study examines the impact of blockchain technology and IoT on project risk management. Blockchain and the Internet of Things (IoT) provide the platform that project managers use to mitigate risks. The objectives of the study are to explore the impact of blockchain and IoT on managing the risks during project planning, execution, implementation, and closure. Therefore, the study identifies the opportunities that project managers have to optimize their project risk management. The study uses a structured questionnaire and interviews with a sample of 30 respondents to understand the correlations between variables. The findings show that businesses use IoT and blockchain technology platforms to create risk mitigation plans and implement and periodically update the project management tools. The study concludes that blockchain IoT enables stakeholders to meet the changing preferences under risk management.