Suman Sapkota Blockchain Technology in Modern Days and Future Vaasa 2025 School of Technology and Innovations Master’s thesis in Industrial Management Strategic Project Management 2 UNIVERSITY OF VAASA School of … Author: Suman Sapkota Title of the Thesis: Blockchain Technology in Modern Days and Future Degree: Master’s Degree Programme: Strategic Project Management Supervisor: Marko Makiluoko Year: 2025 Sivumäärä: 99 ABSTRACT: Blockchain is a distributed ledger that is decentralized and used to store digital transactions and track digital assets. The blockchain term immutable ledger means that once any transaction is recorded, it cannot be manipulated or changed in any way. Blockchain's name comes from its structure, where a file consists of data blocks and each block is linked to the previous block, forming a chain. Each block contains transaction records or data records and contains a record of when that block was created or modified. Blockchain is designed to promote transparency, speed, reliability, efficiency and reliability in P2P and automated transactions. This topic examines the possibilities of using Blockchain technology in project management sit- uations and in different sectors, creates a model mark and explains what the most important advantages of Blockchain technology and its future are. In addition, we will see the main con- cepts and functions related to some of its main components, such as Bitcoin, smart contracts such as Ethereum, private distributed ledgers, etc. Blockchain technology is a new way to record transactions. It keeps these records, called blocks, in different databases, which we often call a digital ledger. We will see how Blockchain works, and one aspect of its use is in the form of tokens. The main idea behind this topic is that Blockchain technology has begun to conquer modern technology. So to explore how blockchain technology works today and what services Blockchain technology has, we will be understanding the different versions of Blockchain to get enough knowledge about how Blockchain works in the digital world. The study has created a block with the specified Hash function and executed it to create a blockchain. To deepen the understanding with Blockchain, this study shows how encryption tokens work in a Blockchain environment and will be creating a token sample that provides one of the most important uses of Blockchain tech- nology today to represent tokenomics. This study also suggest the use of Blockchain usages in the project management sectors and its advantages that will revolutionize the future of working scenarios in different projects and clients. KEYWORDS: Blockchain, Tokenomics, Digital Assets, Transaction, Hash, Bitcoin, Encryption, Blocks, Data 3 Contents 1 Introduction 10 1.1 Problem Statement and Research Gap 12 1.2 Research Questions and Objectives 13 1.3 Structure of the Thesis 13 2 Literature Review 15 2.1 Overview of Blockchain Technology 15 2.1.1 Introduction to Blockchain Technology 17 2.1.2 Evolution of Blockchain Technology 18 2.1.3 Version of Blockchain That is Used 22 2.1.4 Types of Blockchain Used 26 2.1.5 Understanding Cryprographic Token To Create Proposed Sample Token 29 2.1.6 Basic Ideas and Real-World Use of Blockchain in Project Management 32 2.2 Possible Future of Blockchain 32 2.3 Code Snippet Used To Create Token in Blockchain 33 2.4 Risk Associated with Blockchain 34 2.5 Summary 35 3 Methodology and Data 38 3.1 Research Design 38 3.2 Data Collection 39 3.3 Variables 39 3.4 Data Analysis Methods 39 3.5 Tools Used 40 3.6 Ethical Considerations 40 4 Results 41 4.1 Overview of the Survey Structure 41 4.1.1 Age Distribution 42 4.1.2 Geographical Distribution 42 4.1.3 Education Level 43 4 4.1.4 Familiarity with Blockchain Technology 44 4.2 Perception and Adoption (Q1-Q6) 44 4.3 Challenges and Future Outlook 45 4.4 Reliability Analysis (Cronbach’s Alpha) 45 4.5 Variance Analysis 47 4.6 Correlation Matrix 49 4.7 CONTRIBUTION OF FINDINGS: 50 4.8 LIMITATIONS: 50 4.9 Summary 51 5 Conclusion and Proposals 52 6 References 55 Appendices 61 Appendix 1. Survey 61 Appendix 2. Practical Part of the Creation of Blockchain and Cryptocurrency 67 5 Figures Figure 1 Blockchain with Blocks 17 Figure 2 BLOCKCHAIN BASED RESEARCHES BASED ON FREQUENCIES 18 Figure 3 MERKEL TREE 19 Figure 4 EVOLUTION OF BLOCKCHAIN 20 Figure 5 BITCOIN TRANSACTION LIFECYCLE (VERSION 1.0 CRYPTOCURRENCY) 24 Figure 6 Distribution of respondents based on age category 42 Figure 7 Distribution of respondents based on their continent 42 Figure 8 Distribution of respondents based on their education level 43 Figure 9 Distribution of respondents based on their familiarity with blockchain 44 Figure 10 Variance and Mean per Survey question 48 Figure 11 Blockchain network explaining its working mechanism on Business areas 52 Figure 12 SHA256 HASH FOR TOKEN 69 Figure 13 BLOCK BEFORE MINING 70 Figure 14 ASSIGNING NONCE WITH HASH MINING 71 Figure 15 BLOCKCHAIN CONNECTION 71 Figure 16 BLOCKCHAIN MODIFICATION 72 Figure 17 TRANSACTION BLOCKCHAIN 2 76 Figure 18 TRANSACTION BLOCKCHAIN 5 77 Figure 19 TRANSACTION BLOCKCHAIN 4 78 Figure 20 MODIFICATION OF BLOCK 4 PEER TO PEER 78 Figure 21 CRYPTOGRAPHIC SIGNATURE 80 Figure 22 MESSAGE SIGNATURE TRANSACTION 81 Figure 23 BLOCKCHAIN PUBLIC/PRIVATE KEY 82 Figure 24 CREATING SOLIDITY FILE 85 Figure 25 DEFINING VARIABLE IN ISMA.SOL 86 Figure 26 DEFINING FUNCTION TRANSFER 88 Figure 27METAMASK WALLET 91 Figure 28 BINANCE SMARTCHAIN FAUCET 92 6 Figure 29 DEPLOYMENT IN METAMASK 92 Figure 30 GASFEE FOR DEPLOYMENT IN BLOCKCHAIN 93 Figure 31 TRANSACTION MINING 94 Figure 32 TRANSFERRING ISMA TOKEN 94 Figure 33 BALANCE OF ACCOUNT 95 Tables Table 1 Explanation of Numbering and Questions ......................................................... 41 Table 2 Percentage of Respondents based on Continent ............................................... 43 Table 3 Mean and Median Score on each Survey Question (Q1-Q6) ............................. 44 Table 4 Mean and Median Score on each Survey Question (Q7-Q11) ........................... 45 Table 5 Difference and Opinions in variance analysis..................................................... 47 Table 6 Correlation Matrix of each Survey Question ...................................................... 49 Abbreviations DAO – Decentralized Autonomous Organization PoS – Proof of Stake PoA – Proof of Authority PoB – Proof of Burn PoD – Proof of Developer SATS –Satoshis BTC – Bitcoin EVM – Ethereum Virtual Machine P2P – Peer to Peer ICO – Initial Coin Offering ITO – Initial Token Offering LN – Lightning Network 7 NONCE – Number Used Only Once MCAP – Market Capitalization IPFS – Interplanetary Files System EEA – Enterprise Ethereum Alliance CFTC –Commodity Futures Trading Commission Pow – Proof of Work FA – Fundamental Analysis Bech32 – Bitcoin address format MACD – Moving Average Convergence Divergence SC –Smart Contract BFT – Byzantine Fault Tolerance DPoS –Delegated Proof of Stake DAPP –Decentralized Application MoE – Medium of Exchange ASIC –Application Specific Integrated Circuit GDPR –General Data Protection Regulation ALT – Alternative Cryptocurrency TPS – Transactions Per Second SegWit – Segregated Witness STO – Securities Token Offering PnD – Pump-and-Dump SoV – Store of value OTC – Over the Counter 2FA –Two Factor Authentication UoA – Unit of Account PKI – Public Key Infrastructure ERC – Ethereum Request for Comments DLT – Distributed Ledger Technology DDoS – Distributed Denial of Service DEX – Decentralized Exchange 8 Tx –Transaction BTM – Automatic Teller Machine for Bitcoin DAG – Directed Acyclic Graph TA – Technical Analysis or Trend Analysis UTC – Coordinated Universal Time AML – Anti Money Laundering AMA –Ask Me Anything UoA – Unit of Account TA – Technical Analysis SEC – Securities and Exchange Commission AML – Anti-Money Laundering GPU – Graphical Processing Unit IPFS – Interplanetary Files System PKI – Public Key Infrastructure Multi-sig – multi-Signature BIP – Bitcoin Improvement Proposal CEX – Centralized Exchange Addy – Address API – Application Programming Interface ASIC – Application Specific Integrated Circuit BFA – Brute Force Attack MoE – Medium of Exchange SHA-256 – Secure Hash Acronym (256-bit) WWDC – Worldwide Developers Conference ERC-721 – Token standard for NFT (non-fungible tokens) ETF – Exchange-Traded Fund ETP – Exchange-Traded Product FIAT – Conventional government-issued currency (e.g. US Dollar, Euro) IBO – Initial Bounty Offering ICO – Initial Coin Offering 9 ITO – Initial Token Offering mBTC – Milli bitcoin CMC – Coinmarketcap DAICO – Decentralized Autonomous Initial Coin Offering DCA – Dollar Cost Averaging Defi – Decentralized Finance DEX – Decentralized Exchange DLT – Distributed Ledger Technology SEC – Securities and Exchange Commission FTC – Federal Trade Commission CFTC – Commodity Futures Trading Commission FDIC – Federal Deposit Insurance Corporation DOJ – Department of Justice 10 1 Introduction In a research project in 1991 (Haber & Storneta, 1991), the idea of blockchain was cre- ated before it was used widely with Bitcoin in 2009. Since then, the use of blockchains has greatly increased with the development of many cryptocurrencies, decentralized fi- nance (Defi) apps, non-fungible tokens (NFTs), and smart contracts. As we know in the BTC white paper, it was Bitcoin pseudonym developer Satoshi Nakamoto who gave an overview of blockchain in 2009 while the ideas flowing into it were swirling in the com- puter science community. Since then, blockchain has been used in many other areas, but in a sense, it was designed specifically for this digital currency and to further advance its digital currency goals. The blocks are linked together through a complex cryptographic verification process to form an immutable chain. In its early form, blockchain technology established many of the core features of these systems that continue to exist today. The Bitcoin blockchain hasn't changed much since those early efforts (Anwar, Anayat, Butt, & Saad, 2020). Over time, developers began to believe that a blockchain could do more than just trans- act documents. For example, the founders of Ethereum in 2013 started floating the idea that assets and trust agreements can also benefit from blockchain management by gen- erating transaction gas fees and sales of block space. With time the Usages of Blockchain technology is rising and being used in different fields, one of the widely used sectors of blockchain is a cryptographic token or decentralized token that is used as a digital cur- rency with a certain value according to the user and the market. Some of them even hit billion-dollar market caps. Along with the development, there comes many new innova- tive ideas and challenges and mostly the challenges in the world of computing technol- ogy are security. So, to overcome the security concern in the world of blockchain Hash functions are used to generate a unique digital signature that makes it almost impossible to hack or breach the information, and blockchain itself is irreversible, which makes it a secure means to be used. Blockchain technology is constantly progressing and constantly changing its form with the newer version of it and its usage. New changes include the smart contract and usage of SHA-3, the latest one come into play for possible securing the blockchain network 11 before accessing by creating digital signatures in the blockchain. Blockchain is the new progress in computing technology in this decade and should be more secure and reliable for the user to carry out any transaction through the block. It also uses the private and the public key to carry the transaction in the blockchain where the public encrypted key is presented to the public but the private key is kept safe and secure where only the user can access it that leading to the transaction being secure as the third-party can’t know the main private key as it is not visible, only the public key is given and it’s hard to retrieve the private key through the public. Engineers began to believe that blockchain would do more than document transactions. For example, the founders of Ethereum have suggested that trust and property contracts could benefit from blockchain management. In this way, the second generation of block- chain technology is represented, an innovative technology that has miraculously im- pacted various industries was introduced to the market with the first modern application of Bitcoin. Bitcoin is simply a form of digital currency (cryptocurrency) that can be used for transactions instead of fiat money, so the technology behind the success of crypto- currencies is known as blockchain. A mysterious person named Satoshi Nakamoto pub- lished a white paper in October 2008 and called it Bitcoin, a peer-to-peer electronic money system on an Internet mailing list. He has been recognized as mysterious because he hasn’t yet revealed his real identity and is only known through his name from bitcoin white paper. So blockchain was first introduced in 2008 as a ledger of bitcoin transac- tions. Since then, technology has never looked back and has made leaps and bounds. In January 2009, Nakamoto released Bitcoin software version 0.1 with source code. Slowly, the concept took over as a digital product and began to trade real-value goods and ser- vices. Hal Finney, who first came up with the concept of cryptocurrencies, first proposed the idea of money production while solving computer problems in 2005. The most fa- mous example in this category is Bitcoin. It is used as Internet money and is considered the main promoter of Internet money. The DLT concept inspired the original Blockchain generation, Blockchain 1.0. A distributed ledger is a database that is shared by many people in a consensus, allowing public witnesses to avoid double spending. The most famous application of DLT was cryptocurrency, in which Bitcoin played a major role. As a 12 result, Bitcoin became known as "Internet money" and paved the way for the "Internet of Money". 1.1 Problem Statement and Research Gap Even though more people are interested in blockchain technology, using it in project management is still not well studied, and there are many areas that need more research. Most studies talk about the benefits of blockchain, like being clear, safe, and not con- trolled by one person. However, there isn’t much real-world proof of how well it works and how it affects projects. Also, while fields like finance and supply chain management have started using blockchain a lot, research on using it in project management is still just beginning. There are big gaps in knowing the real problems of using blockchain. These problems include high costs to set up, rules and regulations, difficulty in connect- ing with other systems, and companies being hesitant to change. Also, there isn't a set way or best methods for using blockchain in project management. This makes it hard for businesses to use this technology effectively. Another important area that needs more study is how smart contracts are used in carry- ing out projects. Smart contracts can help with things like making payments, following rules, and approving tasks automatically. However, there isn't enough research on their problems, legal issues, and how well they work in real life. In the same way, the block- chain could improve risk management in projects haven't been looked at deeply, espe- cially when it comes to boosting trust among stakeholders, keeping data safe, and en- suring responsibility. There are still worries about scalability and performance because current research doesn’t clearly explain how blockchain can manage large amounts of project data and many transactions without losing efficiency. Finally, the ongoing effects of blockchain on various areas of project management, like construction, IT, and healthcare, are mostly unknown (Sonmez, Sönmez, & Ahmadisheykhsarmast, 2021). We also don't know much about how it works together with new technologies like AI and the Internet of Things (IoT). Filling in these gaps is important for fully understanding how blockchain is used in todays and future project management. 13 1.2 Research Questions and Objectives The research question for this master’s thesis is: “How can blockchain technology make project management clearer and more effective.” In addition to the above-mentioned research questions, we also have some sub sections including some extra research questions linked to the above-mentioned research ques- tion. They are: What are the main problems and obstacles to using blockchain in project management? How do smart contracts affect how projects are carried out, how deci- sions are made, and how disagreements are solved? What are the upcoming trends and possible uses of blockchain in managing projects? How does blockchain help in managing risks and build trust among people involved in projects? By the end of the report, this thesis presents the way of creating a sample token which can be used as a financial solution to the projects. This report also presents why and how blockchain technology is useful for project management. In addition, it also presents the advantages that the project owners will have by using blockchain technology in project management. 1.3 Structure of the Thesis This thesis has been prepared with six main chapters: To begin with, Introduction section provides the study background, the problem state- ment, and the research gaps which is because this research is being done, the research objectives and research questions, and finally the structure of the thesis. The literature review has been processed detailly with the overview of blockchain technology along with how the blockchain is created, it also describes how a sample cryptocurrency token is being created through the same block. In Detail, the literature review gives a well-studied and implemented process of how a blockchain is created and the same blockchain is used to create a cryptocurrency token which can be used as a medium of financial transactions in project management sectors. Further research explains the challenges that can arise having blockchain in project man- agement and how it can help in improving the project management sector. 14 Methodology and Data Section provides the data and the views of different personnel regarding blockchain. The distribution of the data has been done in such a way that it has been differentiated according to the view and choice of the surveyors. Data from almost 47 people has been gathered to know their perspective towards having block- chain in project management sectors. All those data had been made a calculation through excel seeing the variance analysis, correlation matrix, etc. Results sections have all the statistical and empirical calculation done from the answers received from the surveyors. Note: The data and the calculations done are totally based on the views and perspective of the surveyors. No influence and suggestions have been given from the research to module the research as required or wanted. Conclusions and Proposals sections has the summary of overall thesis and the results. Proposals have been given from the researchers’ view to improving the way project man- agement sectors work to improve the future projects. Finally, the appendices section has all the questionnaires that surveyors were asked to fill out and give their opinion. 15 2 Literature Review 2.1 Overview of Blockchain Technology Blockchain is a distributed ledger that is decentralized and used to store digital transac- tions and track digital assets. The blockchain term immutable ledger means that once any transaction is recorded, it cannot be manipulated or changed in any way. Block- chain's name comes from its structure, where a file consists of data blocks and each block is linked to the previous block, forming a chain. Each block contains transaction records or data records and contains a record of when that block was created or modi- fied. Blockchain is designed to promote transparency, speed, reliability, efficiency and reliability in P2P and automated transactions. There is a general misconception that Blockchain and Bitcoin are the same, but that is not the real case. Creating cryptocurrency is one of the main uses of blockchain technol- ogy. Besides Bitcoin, there are many other applications made using blockchain. Block- chain 1.0 offers several advantages over traditional payment methods, including low transaction costs and transaction anonymity. Bitcoin will never run out of money be- cause there is enough supply. Bitcoin not only prevents double spending, but also coun- terfeiting, allowing for secure, traceable, and transparent transactions. The main era of Blockchain uses a proof-of-work (PoW) component, which requires a complex scientific miracle because lot of computer work is needed to randomly solve a rare and tough puzzle that keeps the blockchain safe. Due to its complexity, PoW is very time-consuming and uses a huge amount of vitality, comparable to the overall benefits. In this sense, the acceptance of exchanges is also much more moderate than for electronic channels. Stud- ies show that Blockchain 1.0 can handle up to seven exchanges simultaneously and thus has a significantly reasonable performance. Selfish mining, which is used by conspirators to generate more revenue than their mining capacity, is very vulnerable to Bitcoin. As a result, Bitcoin becomes a centralized system that is completely controlled by these self- ish miners. Blockchain 2.0 is coded, the new application works with new protocols ("blockchain 2.0 protocol"). A comparison with the Internet protocols and its stack layer shows the relationship between blockchain 1.0 and blockchain 2.0. The former can be 16 considered as the TCP/IP transport layer, while the latter can be considered as the HTTP, SMTP and FTP layer. In this context, blockchain 2.0 applications would be similar to browsers, social networks and file sharing services. Blockchain 2.0 terms distinguish Bitcoin and blockchain as a programmable infrastruc- ture that is a trusted and important asset that defines it precisely with new features of on-chain utility and scalability (Swan, 2015). Rather than seeing blockchain as part of the decentralization of money and payments, blockchain 2.0 expands the scope of the tech- nology to enable the decentralization of markets more generally, and transactions in- volve other types of assets that provide certificates and registers of rights and obligations. in real estate, intellectual property, cars, works of art, and so on. Blockchain also records this transaction. Ethereum uses Blockchain to create smart contracts. It is a community- developed technology that powers another cryptocurrency, Ether (ETH), which is widely used in areas such as electronic voting, real estate, and commerce. Instead of competing for Bitcoin, Ethereum miners compete for Ether. After version 2.0, a new version was released that included DApps or Decentralized Apps. DApp is similar to a traditional application in that its user interface can be written in any language that calls the backend, and the backend code runs on a distributed peer-to- peer network. It leverages distributed storage and communication, such as Ethereum Swarm and other similar systems. dApps are Blockchain-based applications or a com- puter program that communicates with the Blockchain and monitors and controls the state of all the performing artists. Programs based on blockchain, which is not at all sim- ilar to centralized applications running on a single computer, run on a peer-to-peer net- work. Unlike centralized programs that run on centralized servers, such applications use distributed power and communication, and most of their backend code runs on a dis- tributed network. ForkDelta, CryptoKitties, Bancor, Ether Shrimp Cultivate, PoWH 3D, Moon, Inc. and others are among the best dApps. The two main features of blockchain are immutability and decentralized ness. Since the record is immutable, you are constantly dependent on it for correction. The decentral- ized nature of the blockchain protects it from organized threats. 17 2.1.1 Introduction to Blockchain Technology Blockchain is a system that helps securely transfer assets without needing a mid- dleman. It acts like a tool and a digital record that keeps track of these transfers. Block- chain technology helps information and digital exchanges move easily and safely. You can keep and trade things like money, property titles, and voting rights on a blockchain network. Blockchain technology is like software that acts as a shared record kept across different computers in a network. It is distinguishing from other online trading platforms or databases is immutability. we in another hand we can trade digital assets peer to peer where anyone cannot alter or undo those transactions without the approval of a net- work that is aligned in the majority. Today, people often compare blockchain to the In- ternet back in the mid-1990s when it was new and not fully appreciated for its value and possibilities. For example, in a Newsweek article from February 1995, computer expert (Stoll, 1995) said, "That's nonsense. " Are our tech experts missing basic understanding. The reality is that no internet database can replace your daily newspaper, no CD-ROM can substitute for a good teacher, and no computer system will alter how the govern- ment operates (Stoll, 1995) . Figure 1 Blockchain with Blocks In the start, the price of Bitcoin hovered under 10 USD but all of a sudden it started to take a rise by 2013 and reached 100 USD and since then the price has slowly and gradu- ally spiked making Blockchain technology a noticeable technology in the modern world. So, a Blockchain is a shared digital ledger that cannot be tampered with after a transac- tion has been carried out and verified. This algorithm is used to carry out the recording and the verification process in software and guarantee mathematically that once ac- cepted the detail of the transaction described by the ledger it cannot be altered by 18 anyone, without the application that has more computing power than currently exist (Benton & Radziwill, 2017). Blockchain technology can support it quite a bit more than cryptocurrency. A new plat- form for blockchain technology development is prompting and Blockchain technology now arises with the quality and software quality to maintain the commonplace in the market. Here below we can see a chart showing the Blockchain-based research papers frequently indicating its popularity. So, to conclude the Introduction of Blockchain it is a ledger that is constantly growing and keeps a permanent record of all the available trans- actions that has been generated in a chronological, secure, and immutable manner. Where Block in the blockchain contains information on all the transactions that are re- cently carried out and once they are completed it goes to the blockchain as a permanent database. Whenever an old block gets completed, a brand-new block is created. Also, for further information blockchain can be used for the transferring of property, money, contract, and other insecure ways without needing a third-party intermediary like the government or a bank. For note, Blockchain cannot be run without the internet (Yaga, Mell, Roby, & Scarfone, 2018). Figure 2 BLOCKCHAIN BASED RESEARCHES BASED ON FREQUENCIES 2.1.2 Evolution of Blockchain Technology All the new technology that arrives at a particular time is revolutionary but later it is taken for granted. For instance, it was not possible for any credit card but now https://www.mdpi.com/2410-387X/6/2/18 19 technology has been so easily accessible and part of life. The concept of the Merkle tree was introduced back in 1979 by Ralph Merkle. He described the concept with the ap- proach of digital signature and public key distribution and called “Tree Authentication" in this thesis for Stanford University. Later the idea was patented as a method for provid- ing digital signatures. Data structure verification is provided by the Merkel tree (Chen, Chou, & Chou, 2019), later we will discuss this topic in-depth. Merkel’s step was the ini- tial footprint. Later David Chaum explained the vault system in 1982 for maintaining, establishing, and trusting computing by the mutually suspicious group in the Ph.D. He is also given credit for inventing digital cash and founded Digi Cash cooperation in the year 1989. A researcher explained blockchain technology, Scott Stornetta and Stuart Haber in 1991. This scientist wanted to create a way to add time stamps to digital documents. The main reason was to ensure that the documents couldn't be changed or made to look older than they really are. Stuart Haber and W. created safe chains of blocks using strong security methods. Scott Stornetta came up with the idea of using secure time stamps to save documents. In 1992, blockchain technology was improved with something called Merkle Trees. This allows many documents to be grouped together into one block, mak- ing it work better. Merkle Trees help to create a safe chain of blocks. They keep a set of connected data records. It is the latest record in this series and has the history of all the previous records. But this technology wasn't used, and its patent ran out in 2004 (Khalil, Aziz, Farooq, & Abid, 2021). Figure 3 MERKEL TREE https://www.mdpi.com/1999-5903/11/7/149 20 Computer scientist Hal Finney created Reusable Proof of Work (RPoW) in 2004, which was an early step in the development of cryptocurrencies. It was a significant early step in the development of cryptocurrencies. In RPoW, a special type of token that can't be exchanged or replaced was made using a Hash cash proof of work. This token was signed with an RSA signature and could be passed from one person to another. RPoW solved the double-spending issue by keeping track of who owns the tokens on a reliable server. This server was designed so that users all around the globe could verify its integrity and accuracies in real-time. In 2008, Satoshi Nakamoto invented the idea of distributed blockchains. He improved the design for the addition of the blocks to the primary chain having not requiring them to be signed by parties that are trusted. The modified trees would be a secure record of data exchanges. Short Records of Bitcoin build-up are from a concept to reality, bitcoin arrived in 2009. Jan. 3, 2009. Bitcoin was generated by Naka- moto, who validated the blockchain concept through the mining of the first bitcoin block. There were 50 bitcoins in the block, which was called the Genesis block -- or block 0 in the Bitcoin world. Jan. 8, 2009. Bitcoin v0.1 was released to Source Forge as open-source software by Nakamoto. Bitcoin can now be found on GitHub. Jan. 12, 2009. As a result of this transaction, Nakamoto sent Hal Finney 10 bitcoin in block 170 of bitcoin history. Oct. 12, 2009. On Internet Relay Chat, a channel named bitcoin-dev was created for bitcoin developers. Oct. 31, 2009. People were first able to exchange paper money for bitcoins via Bitcoin Market, the first bitcoin exchange. Nov. 22, 2009. To share infor- mation and news related to bitcoin, Nakamoto launched the Bitcoin talk forum. Figure 4 EVOLUTION OF BLOCKCHAIN https://www.mdpi.com/2076-3417/13/3/1353 21 It marks the time and checks each trade using a network of connected computers. It can be handled without a main leader or organization. Blockchains are now the main sup- port for cryptocurrencies because of these improvements. Today, the design serves as a public record for all transactions made with cryptocurrency. Blockchains have developed steadily and show a lot of potential. In Satoshi Nakamoto's first paper, the words block and chain were used separately. However, by 2016, people started to use them together to mean Blockchain. The file size of the Bitcoin blockchain, which contains records of all network transactions, has just increased from 20 GB to 100 GB. Blockchain-based tech- nology has been on the rise since the launch of bitcoin in 2009. Aside from their use in cryptocurrencies (the most well-known of which is bitcoin), ideas and efforts to incorpo- rate blockchain into a wide range of businesses and services have been made. The potential of blockchain to automate trust mechanisms without a central authority (such as a central bank, government, or military) mitigates risk and promotes all manner of efficiency in human interaction, whether formal or informal, incorporated or govern- ment contexts. One of these technologies is "smart contracts," which promise to make all kinds of exchanges of goods and services, not just financial ones, easier. A lot of effort is presently being spent on figuring out how to scale blockchain-based systems and how to build them in a way that is far less computationally costly than systems like bitcoin. Moving forward, there is optimism that blockchain-based technology could usher in a new era of efficiency comparable to the internet boom of the last two decades. It is im- possible to own blockchain technology because it is the technology that underpins the blockchain. It's like the internet. Anyone, however, can utilize the technology to create and maintain their blockchains. Financial institutions and other industries began to un- derstand and investigate the possibilities of blockchain in 2014, changing their focus from digital money to the development of blockchain technologies. In contrast, the year 2018 marks the tenth anniversary of Bitcoin. Bitcoin's value contin- ued to fall throughout the year, ending the year at around $3,800. Stripe, a popular online payment service, has ceased taking bitcoin payments. Cryptocurrency advertising is prohibited on Google, Twitter, and Facebook. South Korea has outlawed anonymous cryptocurrency trading but has pledged to spend millions on blockchain projects. The 22 Blockchain Observatory and Forum was founded by the European Commission. Baidu has announced the launch of its blockchain-as-a-service platform. Walmart debuted a Hyperledger-based supply chain system in 2019. Amazon has made its Amazon Managed Blockchain service available to everyone on the AWS platform. Daily transactions on the Ethereum network surpassed one million (Arooj, Umer, & Farooq, 2021). As businesses adopted blockchain technology and decentralized applications for a wide range of appli- cations, blockchain research and development gained center stage. 2020 will be dis- cussed. According to Deloitte's 2020 Global Blockchain Survey, about 40% of respond- ents had implemented blockchain in their business, and 55% identified blockchain as a major strategic priority. In anticipation of Ethereum 2.0, Ethereum released the Beacon Chain. Because they promised greater stability than regular cryptocurrencies, stable coins witnessed a large increase. The idea of merging blockchain and artificial intelli- gence to improve corporate processes is gaining traction. There has been a growing in- terest in using blockchain for applications other than cryptocurrency during the last five years. As governments and businesses seek blockchain for a range of use cases, this trend will continue beyond 2021. Voting, real estate, fitness tracking, intellectual property, the internet of things, and vaccine distribution are among the topics covered. Furthermore, several cloud providers now provide blockchain as a service, and qualified blockchain developers are in higher demand than ever. 2.1.3 Version of Blockchain That is Used Today's technology has made Blockchain a buzzword. A Blockchain is a digital list of trans- actions stored in a series of blocks. So far, Blockchain Technology has changed in four main ways. Each change is explained in the sections below. More people are using blockchain technology because it allows transactions and data to be stored in a way that is open and not controlled by anyone or group. Blockchain is mostly linked to bitcoin and other digital currencies. Blockchain technology has been developing since 2009 and is now used for more than just bitcoins and digital money. Users can use the block hash or the block height. The block height is decided by how many blocks there are before it. So, you can find it by taking the block's length and subtracting one. The height of the 23 latest block, or the tallest block in the chain, is used to find the total height of the whole blockchain. The "Coinbase Transaction" is the name for a miner's very first transaction. Miners use it to get their rewards for each correct answer. The following summary de- picts the evolution of blockchain technology, from version 1.0 to version 3.0. A blockchain is a peer-to-peer (P2P), decentralized, distributed ledger technology with an ever-growing public ledger that securely and immutably records all transactions. Blockchain differs from typical databases in that it is decentralized and completely con- fidential, as there is no intermediary or mediator. 2.1.3.1 Blockchain Version 1.0 : Cryptocurrency Hal Finney, who invented the first concept for cryptocurrencies, first proposed the idea of manufacturing money by solving computer problems in 2005. The most well-known example in this category is Bitcoin. It is being utilized as Internet cash and is being viewed as a key enabler of an Internet of Money (Khalil, Aziz, Farooq, & Abid, 2021). The concept of Distributed Ledger Technology (DLT) inspired the initial generation of Blockchain, Blockchain 1.0. A distributed ledger is a database that is shared by numerous people in a consensual manner, allowing public witnesses to avoid double-spending circumstances. The most well-known DLT application was cryptocurrency, with Bitcoin playing a key role. As a result, Bitcoin became known as "internet cash" and opened the path for the "In- ternet of Money" (Framework for Blockchain-based business integration). We can take a real-life scenario where a Person Parashar wanted to send 1 bitcoin to his friend Bob is Portrayed below Version 1.0: Cryptocurrency Version 2.0: Smart Contracts Version 3.0: Introduction to dApps 24 Figure 5 BITCOIN TRANSACTION LIFECYCLE (VERSION 1.0 CRYPTOCURRENCY) From the Figure above we can see that Person Parashar send his bitcoin through his bitcoin wallet which includes the transaction fee with the private key assigned that is propagated and validated by the participant nodes as the miner include the transaction in the next block to be mined with mining time also the new block is propagated to the network and new bitcoin are created. Participant verify the block and propagated finally the Bob receive the confirmation that appears with each new block and 1 BTC us trans- ferred to bob’s wallet. Blockchain 1.0 provides several advantages over traditional pay- ment methods, including cheap transaction costs and transaction anonymity. Bitcoins will never be out of favor because there is a sufficient supply. Bitcoins not only prevent double-spending, but also prevent counterfeiting by allowing for safe, trackable, and transparent transactions. The main era of Blockchain uses the Confirmation of Work (PoW) component, which requires the computation of complex scientific amazement. Due to the complexity involved, the PoW is very time-consuming and uses huge amounts of vitality comparable to the benefits generally obtained. In this, the approval of the ex- change is also much more moderate than the electronic channels. Research shows that Blockchain 1.0 can handle up to seven exchanges at once, and thus has a significantly moderate throughput. Selfish mining, which is used by conspiring miners to make more revenue than their mining capabilities, is extremely vulnerable to Bitcoin. As a result, Bitcoin eventually becomes a centralized system controlled entirely by these self-inter- ested miners. Up to 40% of the time, behavior-based clustering approaches can reveal the true identity of otherwise anonymous Bitcoin users. Another significant flaw in 25 Satoshi's Blockchain 1.0 concept is that it only uses 1-megabyte (MB) blocks of data for bitcoin transactions. The final and most significant flaw of Blockchain 1.0 is its inability to enable Smart Contracts and other application areas other than financial utilities (Panda, Jena, Swain, & Suresh, 2021) 2.1.3.2 Blockchain Version 2.0: Smart Contracts As blockchain 2.0 is coded the unused application is said to be running on a modern set of conventions ("blockchain 2.0 convention"). A comparison with the conventions of the Web and its layer of stacks outlines the connection between blockchain 1.0 and block- chain 2.0. The previous can be seen as the TCP/IP transport layer while the last men- tioned can be seen as HTTP, SMTP, and FTP. In this setting blockchain, 2.0 applications would be associated to browsers, social systems, and file-sharing administrations (Swan, 2015). Blockchain 2.0 terms serve to distinguish between Bitcoin and the blockchain as a programmable framework that's trusted and as an critical resource pinpointing it with increases of modern markable features of on-chain utility and extensibility. Rather than seeing the blockchain as portion of the decentralization of cash and installments, block- chain 2.0 grows the scope of the innovation to empower the decentralization of markets more by and large, and the exchange will include other sorts of resources by giving reg- isters for certificates and rights and commitments in genuine domain, IPR, cars, works of art and so on (Gronbaek, 2016). The blockchain records this transaction as well. Ethereum makes use of Blockchain to construct smart contracts. It's the community-built technology that powers another cryptocurrency, Ether (ETH), which has a wide range of uses in fields like electronic voting, real estate, and trading. Instead of competing for bitcoins, Ethereum miners fight for Ether. In Ethereum, there is another sort of coin called gas that is used to reward miners for including transactions in their block. Every smart contract execution demands the sending of a certain amount of gas to entice min- ers to include it in the blockchain (Shi, 2021). 26 2.1.3.3 Blockchain Version 3.0 Dapps Following Version 2.0, a new version was released that included DApps, or Decentralized Apps. A DApp is similar to a traditional app in that it can have a frontend written in any language that calls the backend, and the backend code runs on a decentralized peer-to- peer network. It takes advantage of decentralized storage and communication, such as Ethereum Swarm and other similar systems. dApps are Blockchain-based apps or computer program that communicates with the Blockchain, which oversees and controls the state of all arrange performing artists. Block- chain-based apps, not at all like centralized apps that run on a single computer, run on a peer-to-peer network. Unlike centralized programs that run on centralized servers, such applications utilize decentralized capacity and communication, and the lion's share of their backend code runs on a decentralized network. ForkDelta, CryptoKitties, Bancor, Ether Shrimp Cultivate, PoWH 3D, Moon, Inc., and others are among the top-ranked dApps (Bhalla, 2021). 2.1.4 Types of Blockchain Used Open blockchains, private blockchains, consortium blockchains, and crossover block- chains are the four fundamental shapes of blockchain systems. Each of these stages has its claim set of focal points, drawbacks, and perfect applications (Cao, et al., 2023). While the blockchain innovation that supports ventures is the same, the conclusion clients of the different shapes of blockchain may differ. End clients for open blockchains are the common open, while private blockchains are for invitation-only clients and their net- works. Two basic blockchain qualities are the unchanging nature and distributed Ness. Since the record is unchanging, you'll continuously depend on it to be rectified. The blockchain's decentralized nature secures it against organized dangers. 2.1.4.1 Public Blockchain Anybody who needs to ask or approve a exchange can get to open open blockchains decentralized systems of computers (check for exactness). Those who approve 27 exchanges (diggers) get compensated. Proof-of-work and proof-of-stake agreement methods are utilized in open blockchains (talked about afterward). The Bitcoin and Ethereum (ETH) blockchains are two well-known occasions of open blockchains. The open blockchain is the primary type of blockchain innovation. Usually where Bitcoin and other cryptocurrencies like it were born, and where they made a difference to advance disseminated record innovation (DLT). It broadly diminishes the impediments of central- ization comparable to a need of straightforwardness and security. DLT disseminates in- formation all through a arrange which is peer-to-peer instead of figuring it in a single location. Because of its decentralized nature, it requires a few strategy of information verification. That approach could be a agreement calculation that permits blockchain members to concur on the show state of the record. Two common agreement ap- proaches are confirmation of work (PoW) and verification of stake (PoS). The open blockchain is unlicensed and unregulated. Anybody with an online association can enroll as an authorized hub on the blockchain stage. This client has get to to both current and authentic records, as well as the capacity to embrace mining operations. Usually a com- plicated equation that's utilized to analyze and include exchanges to your record. You can't alter the records or exchanges that are true blue on your arrange since the source code is as a rule open-source. Anybody can too see the exchange, spot botches, and make alterations (Paul, 2021). 2.1.4.2 Private Blockchain A private blockchain isn't open. There are get to limitations. Those who wish to take part require the authorization of the framework chairman. They are as a rule overseen by one unit. NS. They are centralized. For example, Hyperledger may be a private, endorsed blockchain. A private blockchain could be a blockchain arrange that works as a closed arrange in a confined environment or is controlled by a single company. It capacities so also to a open blockchain arrange in terms of peer-to-peer network and decentralization, but it is altogether littler. Little systems inside a enterprise or organization, as well as those who take part and give computing control, are ordinary of private blockchains. Authorization blockchains and corporate blockchains are two terms for the same thing. 28 2.1.4.3 Hybrid Blockchain The hybrid blockchain is best characterized as one that combines the most noteworthy highlights of both private and open blockchain arrangements. In an perfect situation, a cross breed blockchain would give both controlled get to and flexibility. The half breed blockchain engineering contrasts from other blockchain models in that it isn't open to everybody but still gives blockchain benefits such as keenness, straightforwardness, and security. Hybrid blockchain engineering, like all blockchain design, is totally customizable. Individuals of the crossover blockchain can select who can connect the blockchain and which exchanges are made open. Enterprises may seek the most excellent of both uni- verses and utilize crossover blockchain, a sort of blockchain innovation that combines components of both private and open blockchain. This permits endeavors to set up pri- vate authentication-based frameworks in expansion to non-public confirmation frame- works to control who has get to to particular information put away on the blockchain and who has open get to to it. increment. Ordinarily, exchanges and records on the cross breed blockchain are not uncovered but can be confirmed on the off chance that wanted, for illustration by giving get to through smart contracts. Sensitive data is put away on the organize, but you'll be able still see it. Indeed on the off chance that the private sub- stance can claim the crossover blockchain, it cannot alter the exchange. 2.1.4.4 Consortium Blockchain Consortiums are a sort of blockchain arrange where the framework is kept up by bunches. Not at all like bitcoin, its blockchain isn't open to the open. A Consortium is most com- parable to a private arrange. These blockchains can be thought of as a cross between open and private blockchains. Because it includes a decentralized structure in spite of being a permissioned organize. As a result, each organization in this arrange gets com- parable treatment, ensuring that all parties locked in are treated decently. The arrange isn't ruled by a single body. It's a stage that permits various firms to collaborate and share information whereas too keeping track of rules and records. Consortiums are par- titioned into three categories: technology-focused, business-focused, and dual-focused. 29 The fourth shape of blockchain, known as a unified blockchain, is comparable to a cross- over blockchain in that it combines private and open blockchain capabilities. Be that as it may, it contrasts in that it includes different organizational individuals working to- gether on a decentralized organize. In brief consortium blockchain can be deciphered as a private blockchain with confinement in get to to a specific gather, evacuating the de- terrent related with a private blockchain controlled by a single business. Agreement strategies are controlled by display hubs in a consortium blockchain. It contains a con- firming hub that will be mindful for getting, Initializing, and approving all the exchanges. Exchanges can be gotten or started by part hubs. 2.1.5 Understanding Cryprographic Token To Create Proposed Sample Token The term crypto token alludes to the title of a extraordinary crypto token or cryptocur- rency. These tokens speak to elective, tradable resources or utilities that dwell on your blockchain. Crypto tokens are regularly utilized to raise bolster for swarm bargains; be that as it may, they can moreover fill in as a substitute for diverse things. These tokens are regularly made, appropriated, sold, and coursed through the standard beginning coin advertising (ICO) prepare, which incorporates a crowdfunding action to fund extend headway. Cryptocurrency tokens are a sort of cryptocurrency that speaks to an resource or a specific utilize and is on its blockchain. It can be utilized for theory purposes, to store regard, or to form buys. Cryptocurrency could be a computerized money utilized to en- courage exchanges beside the blockchain (making and getting installments). crypto to- kens and Altcoin are a sort of cryptocurrencies with different capacities. Cryptographic tokens made through the Starting Coin Advertising are frequently utilized to raise re- serves for the deal of the swarm. There are four main types of cryptographic tokens mentioned below : • Utility Tokens These are tokens that provide owners with access to blockchain- based products or services. 30 For example, you can use Ether to access Dapps or pay for running smart contracts on the Ethereum blockchain. Like the Gascoin provides access to the NEO network. • Payment Tokens These are tokens that provide owners with access to blockchain- based products or services. For example, you can use Ether to access Dapps or pay for running smart contracts on the Ethereum blockchain. Like the Gascoin pro- vides access to the NEO network. Payment tokens are coins. Their main purpose is to act as a medium of exchange, storage of value, and a unit of account. Important cryptocurrencies such as Bitcoin and Lite- coin are payment tokens. How the fiat currency gains or loses the value of payment tokens based on the law of supply and demand. Higher demand and lower supply add value, while lower demand and higher supply reduce value. The twist is that the supply of some cryptocurrencies is restricted. For example, you can only mine 21 million Bitcoins. This means, at least in theory, that more and more people will start paying for goods and services in cryptocurrencies, and their value should rise sharply as the supply of new coins declines (Egiyi & Victor, 2021). • Security Tokens Security tokens are conventional resources such as stocks and stocks that have been changed over to advanced tokens on the blockchain. Like conventional securities, security tokens donate proprietorship to the proprietor. For this reason, increasingly controllers control the way they issue and exchange. Most controllers utilize a adaptation of the Howey test to decide in the event that a token may be a security token. This can be a test created by the US Preeminent Court in a Se- curities and Trade Commission continuing. The token can be 31 considered a security token on the off chance that the holder has got- ten the token in exchange for cash that has been contributed in a com- mon undertaking. That they expect to form a benefit and they will not do any of the work that's required to create that benefit. • Non- Fungible token (NFT) NFTs are tokens that can be utilized to speak to possession of a one of a kind thing. It can symbolize craftsmanship, collectibles, and indeed genuine domain. They can as it were have one official proprietor at a time and are ensured by the Ethereum blockchain-you cannot alter the verification of possession or copy/paste unused NFTs. NFT stands for non-fungible token. Non-fungible is an financial term merely may utilize to portray things like your furniture, a melody record, or your computer. These things are not conversely with other things since they have one of a kind properties. Fungible things, on the other hand, can be exchanged since their esteem characterizes them instead of their one of a kind properties. For illustration, ETH or dollars are fun- gible since 1 ETH / $1 USD is replaceable for another 1 ETH / $1 USD (Taherdoost, 2023). Hash Function comes from the French word for “hacker”. It means “to shred” and shows how a hash function is designed to “hack” data. Hash tables, another type of data struc- ture, are often used to quickly identify two identical hashes (hash values). After Diffie and Helman first identified the need for a one-way hash function in their groundbreaking paper on public key cryptography in 1976, the development of cryptography progressed rapidly over the next 20 years. In 1990, cryptographer and MIT professor Ronald Rivest invented the MD4 hash function, and later the MD5 and MD6 functions. In 1995, the NSA developed SHA1 (Secure Hash Algorithm 1), based on Rivest's design, and in 2001, it was updated to SHA2. SHA2 is the standard that influenced SHA256, which served as the basis for Bitcoin's consensus algorithm. 32 2.1.6 Basic Ideas and Real-World Use of Blockchain in Project Management Blockchain technology has become an important tool in project management. It pro- vides new ways to solve ongoing problems like being transparent, responsible, and keep- ing everyone involved updated in real time. Researchers like (Saberi, Kouhizadeh, & Sarkis, 2019) and (Kshetri, 2018) highlighted how decentralized ledgers and smart con- tracts can help make tracking projects, automating contracts, and managing resources better. In strategic project management, these features support the need for making good decisions quickly, lowering risks, and building trust among everyone involved. To test these ideas in real life, a special blockchain system and a sample cryptocurrency token were created for this research. This simulates a project using blockchain where transactions, progress, and rewards can be clearly tracked. The complete technical in- formation and how to use it are shown in Appendix 2. It clearly demonstrates how block- chain can be used in project management to help with the ideas talked about in the literature. 2.2 Possible Future of Blockchain The Blockchain token designed can be used as a reliable and transparent source to carry out any monitory transaction that can give real-world value in all the sectors that we use. Deciding the total supply of the Token, the Token can be for any day-to-day transaction as it can be developed as a decentralized structure inside any organization and for the transaction that will be created as we previously explained, the transaction could limit the movement of the information quickly and reliably. The use of the blockchain tech- nology can help to control corrupted management as the token supply gets limited and can be transacted digitally with the unique digital signature that reduces the probability of hiding the hard cash or Black money in Industrial sectors. Also, the technology can be used for any other transaction between two parties without the involvement of central- ized authority. It can leave a record that is tamper-proof and cannot be altered in any other way. This has the potential to change the traditional organization with the dynamic power of 33 transparency and decentralized value. Using distributed ledger technology can replace the traditional method of paper-based activity or system. Blockchain might be adopted by the central banks with its one of the uses like we have designed cryptographic token and will be widely used among the public. The use of technology will widely reduce the cost of transaction and quickly complete the transaction than the normal traditional way of transaction with high banking costs. It also could be the best platform for trading with any goods. As a prediction, the Blockchain market could be the biggest and might reach 163 billion by 2026 and will continue to grow with upcoming technology like Metaverse where the NFT Tokens are being created within the blockchain. 2.3 Code Snippet Used To Create Token in Blockchain pragma solidity ^0.8.2; contract ISMA { mapping(address => uint) public balanceOfAccount; mapping(address => mapping(address => uint)) public allow- ance; uint public totalSupply = 10000 * 10 ** 18; string public nameOfToken = "ISMA"; string public symbolOfToken = "ITK"; uint public decimalNumber = 18; event Transfer(address indexed from, address indexed to, uint value); event Approval(address indexed owner, address indexed spender, uint value); constructor() { balanceOfAccount[msg.sender] = totalSupply; } function balanceOfAddress(address owner) public re- turns(uint) { return balanceOfAccount[owner]; } function transfer(address to, uint value) public re- turns(bool) { require(balanceOfAddress(msg.sender) >= value, 'low Bal- ance'); balanceOfAccount[to] += value; balanceOfAccount[msg.sender] -= value; emit Transfer(msg.sender, to, value); 34 return true; } function transferFromAddress(address from, address to, uint value) public returns(bool) { require(balanceOfAddress(from) >= value, 'low Bal- ance'); require(allowance[from][msg.sender] >= value, 'allowance low'); balanceOfAccount[to] += value; balanceOfAccount[from] -= value; emit Transfer(from, to, value); return true; } function approve(address spender, uint value) public returns (bool) { allowance[msg.sender][spender] = value; emit Approval(msg.sender, spender, value); return true; } } 2.4 Risk Associated with Blockchain 1. High Installation Costs: One of the biggest problems with using blockchain in managing projects is that it can be very expensive to set up. Building blockchain systems needs a lot of money for special computers, software, and expert workers. Also, businesses have to pay for training their workers and connecting blockchain with their current project management tools. This can be expensive, especially for small and medium-sized companies (Konig, Unger, Kieseberg, & Tjoa, 2020). 2. Flexibility Issues: Public blockchains have a hard time growing because they process transactions slowly and use a lot of energy. As project data increases, the system might have trouble effectively managing a lot of transactions. This can cause delays in getting projects approved, receiving payments, and completing the work. The ability to grow is still an important issue, especially for big and fast-moving projects (Pintado, Dumas, Garcia-Banuelos, & Weber, 2020). 35 3. Integration with Existing Systems: Most companies already use well-known project management tools like Microsoft Project, Jira, or Primavera. Adding blockchain technology to these current systems is complicated and might need special solutions, which can take a lot of time and cost a lot of money. Also, many old systems aren’t made to connect with decentralized networks, which causes problems with compatibility and keeping data in sync. 4. Regulatory and Legal Compliances: Blockchain works in a way that is not controlled by one central authority, which leads to worries about whether it follows current laws and regulations. Many countries still do not have clear rules about using blockchain, especially for things like enforcing contracts, protecting data, and taxes. The legal acceptance of smart contracts is different in each place, which makes it hard for businesses to use them for official agreements in project management. (Zafar, 2025) 5. Smart Contract Limitations: Smart contracts can make many project management tasks easier, but they aren't always flexible enough to deal with complicated agreements that need human decision-making. Smart contracts work according to set rules, and if there are mistakes or unexpected events after the contract is started, it’s hard to change them. Also, mistakes in smart contracts can cause problems that can't be fixed because blockchain transactions can't be changed. This makes it hard to make sure smart contracts work properly in every situation. 2.5 Summary Under this section, we went through all the concepts and the type detailing the Block- chain and its importance in the Modern and the Future enhancement of Blockchain tech- nology. We knew the types of blockchain were private blockchains, consortium block- chains, crossover blockchains, and the open blockchain that provides a fundamental 36 shape for the blockchain system. Detailing the public blockchain it is an open decentral- ized network of computers that use POW and POS procedures. It is unregulated and un- licensed anyone can register as an authorized node of the Blockchain platform. Private blockchain in another hand is restrictive and operates only in a closed network, which is used within a closed circle or an organization where limited persons or participants can access it. Modern-day use of the private blockchain network is for voting, assets owner- ship, supply chain management, digital identity, and others. Semi decentralized type of blockchain which is also known as the Consortium blockchain is contrary to private blockchain that is managed only by a single organization. More than one organization can act as a node in the consortium that can carry out mining or ex- changes of the operation and are generally used by the government organization, bank- ing system, and others. Hybrid is another type that is a combination of the private and public blockchain and uses the feature of both the private and public blockchain that can have permission which is a private-based system as well as a public-based system. Trans- action in the Private network of a hybrid is generally verified within the same network but it also can get released in public blockchain to get verified. Public and private block- chains have been the most popular variants in the past, but more and more authorized blockchains that provide a midpoint between the two allow for limited activity by exter- nal providers and vendors. Ultimately, we want you to use your understanding and de- cide which blockchain will best serve your purposes. If you are part of a public blockchain network, all you need to do is gain a deep understanding of how the public blockchain works to take smart action in the future. Concluding the section, Methodology Creating Blockchain and cryptographic Token using the Hash function, Blocks, and solidity we understand that for basic creation of any cryp- tographic token and publish it on blockchain we need to first understand the working of the Hash function. As we should use the hash function, we understood the importance of the hash function in Blockchain. To design a cryptographic token, we should use the Block and Blockchain method so under this chapter we can have a clear view of how the block operates within the blockchain and see that the block cannot be altered once its placed in the blockchain. 37 Further for designing a cryptographic token we must understand how Cryptographic to- kens work or is implemented in the blockchain so we also have to understand how the cryptographic token perform and can be carried out for a transaction from one address to another using the secure method by generating private and public key for other end- user to continue the transaction or flow of the token within its designated supply. For the outcome of the proposed model of Cryptographic token, we are using the SOLIDITY high-level object-oriented language. 38 3 Methodology and Data This chapter explains the practical approach used to study how useful people think block- chain technology is and the challenges they face in using it. Since the study aims to un- derstand feelings, to understand how can blockchain technology make project manage- ment clearer and more effective, how can smart contracts help in project management and how can blockchain help in building trust and minimize the risk associated with the projects and find upcoming trends in different industries, a survey method was chosen. This approach helps gather consistent information from various groups of people. This methodology was designed to: 1. Measure opinions using Likert-scale questions. 2. Look into connections, like how knowledge about a topic relates to a positive outlook on blockchain. Even though bigger samples are better, the 47 answers we collected give us a good start- ing point to spot early trends. We are using Excel for our data analysis because it's easy to use and works well for small to medium-sized data. The next sections explain how the research was planned, how data was collected, and how it was analyzed, as well as any limitations of the methods used. 3.1 Research Design This study uses a structured online survey to collect numbers and data about how people see the current and future uses of blockchain technology. The survey includes three types of questions: 1) questions that ask about your profile including age, education and blockchain familiarity, 2) questions that ask how much you agree with statements about reasons for adopting or not adopting something and its benefits (on a scale of 1 to 5), 3) questions that ask about the challenges and future outlook of blockchain. The design matches the study's goal of finding connections between people's job backgrounds and their views on using blockchain. 39 3.2 Data Collection We gathered information using a Google Forms survey shared with professionals in IT, finance, education, and similar areas through LinkedIn, university connections, and blockchain discussion groups. The survey got 47 complete answers in 4 weeks. To make sure it was clear and accurate, we tested the questionnaire with 5 colleagues before sharing it, improving any confusing wording. Even though convenience sampling was used (which is a limitation mentioned in Section 3. 6), the sample includes a wide variety of skill levels, from beginners to experienced blockchain users. 3.3 Variables The study looked at two main types of variables to understand how people see the ef- fects of blockchain and what obstacles it faces. Independent (Predictor) Variables: Factors about people like age group (1=Under 25, 2=26–35, etc. ), and how well they think they know about blockchain (1=Not familiar to 5=Expert). These factors were used to divide the responses and check for differences between groups (for example, to see if lower aged professionals think blockchain is more important than other groups do). Dependent (Outcome) Variables: Answers on a scale of 1 to 5 measuring people's feel- ings about the benefits of blockchain (like "Blockchain makes things more secure"), dif- ficulties in using it (like "Scalability makes it hard to use widely"), and its future possibil- ities (like "DeFi will change traditional finance"). This setup allowed us to compare different things (like how well people know something and the benefits they see) and find key themes. This matched the study's goal of spot- ting useful trends in using blockchain. 3.4 Data Analysis Methods The survey data we gathered was looked at with Microsoft Excel to find important infor- mation and check key connections. First, we calculated simple statistics (like average, standard deviation, and how often each answer was given) for all the responses on the Likert scale. This helped us understand the general trends and differences in how 40 participants viewed blockchain technology. Next, we checked how reliable our survey questions were by calculating Cronbach's alpha. This helped us see if the questions that measured similar ideas (like perceived benefits) were consistent with each other, con- firming that our survey was reliable for more analysis. To look at how different factors are related, we used Pearson correlation for continuous data (like how well someone knows something and how important they think it is). For data that is ranked or doesn’t follow a normal pattern, we used Spearman's rank correlation. We looked at the open- ended responses by grouping similar ideas together, like "rules" and "user experience. " This helped us understand the answers better and added more information to the num- bers we found. This method used both numbers and people's opinions to understand the data better. 3.5 Tools Used • Google Forms: Making surveys and collecting the first set of data. • Microsoft Excel: Fixing data, checking reliability and connections, and making vis- ual charts (like bar charts and scatter plots). 3.6 Ethical Considerations The study followed ethical rules to protect participants' privacy and keep the data safe. All answers from the survey were gathered without using names through Google Forms, and no personal information was kept. At the start of the survey, participants received a simple consent statement that explained the purpose of the research, that joining was completely voluntary, and that they could leave the study whenever they wanted. The data was kept safe in password-protected files, and only the research team could access it. The study had little risk for the people involved, but there were some limitations. These included that participants chose themselves to be in the study, and the number of people in the study was small (n=47). This might make it harder to apply the results to a larger group. These points follow normal research guidelines and make sure we meet the ethical rules set by the institution. 41 4 Results 4.1 Overview of the Survey Structure The survey was made to understand how different people see, use, and deal with prob- lems related to blockchain technology. A total of 47 people took part. The questions were set up on a scale from 1 (Strongly Disagree) to 5 (Strongly Agree) and divided into three main topics: Demographics: Age, Continent, Education, Blockchain Familiarity Q1–Q6: Perception and Adoption of Blockchain Technology Q7–Q11: Challenges and Future Outlook of Blockchain Technology 3 Open Ended Questions The questions were referred as Q1, Q2, Q3,…, Q11 for better and easy understanding in Excel. The relevance of questions with its number is shown below: Table 1 Explanation of Numbering and Questions Q No. Questions Q1 Blockchain is essential for modern transactions? Q2 Blockchain improves security and reduces fraud? Q3 Smart contracts will revolutionize legal agreements? Q4 Enterprises should invest more in blockchain-based solutions? Q5 Blockchain adoption is hindered by regulatory uncertainty? Q6 Decentralized finance (DeFi) will replace traditional banking in the future? Q7 Scalability is a major challenge for blockchain adoption? Q8 High energy consumption (e.g., PoW blockchains) is a concern? Q9 Governments should establish clearer regulations for blockchain? Q10 AI and blockchain integration will shape future technology? Q11 Blockchain will significantly impact supply chain management? 42 4.1.1 Age Distribution Figure 6 Distribution of respondents based on age category The profile of the responders have been summarized as followed. As the Figure 29 de- scribes already the age of participants are mostly from 36-45. We can also make a calcu- lation from the image that most of the investors or the people thinking that blockchain and cryptocurrency are better options to revolutionize project management are from age 36-45. 42.6% of the participants are from age 36-45 responded the survey, whereas 29.8% of them were from 26-35 years of age. 14.9%, 10.6% and 4.3% of respondents were from under 25, 46-55, 55+ years of age respectively. 4.1.2 Geographical Distribution Figure 7 Distribution of respondents based on their continent 43 People came from different continents, with most of them coming from Europe. Here’s a simple version of the text: Here's a summary of how things are spread across different continents: Table 2 Percentage of Respondents based on Continent Continent Percentage of Respondents Asia 17% Europe 38.3% Russia 8.5% Africa 12.8% North America 2.1% South America 21.3% 4.1.3 Education Level Figure 8 Distribution of respondents based on their education level Respondents from different education background responded to the survey. The per- centage of the education level of the respondents can be seen on the diagram above. There were maximum numbers of people who has professional knowledge about block- chain technology. Almost all the respondents had heard or practiced blockchain technol- ogy through their educational background. 44 4.1.4 Familiarity with Blockchain Technology Figure 9 Distribution of respondents based on their familiarity with blockchain Participants were asked to rate their familiarity with blockchain technology on a scale of 1 to 5 (1 = Not at all familiar, 5 = Extremely familiar). 27.7% of participants were ex- tremely familiar while 63.8% were familiar. 0% of them were not familiar at all. This chart describes well that there is growing demand and knowledge base regarding blockchain technology. Later on, the familiarity scale was put on Ms Excel were the average famili- arity score was 4.19, with a median of 4. This indicates that most respondents had a moderate to high understanding of blockchain. The detailed view of Mean and Median has been kept in page 77 for better understanding. 4.2 Perception and Adoption (Q1-Q6) These questions measured and helped calculate the relevance and potential of block- chain in modern contexts. Table 3 Mean and Median Score on each Survey Question (Q1-Q6) Question Mean Score Median Score Q1 4.57446809 4 45 Q2 4.744680851 5 Q3 4.5957447 5 Q4 4.553191 5 Q5 3.936170213 5 Q6 4.48936 5 Most people agreed that blockchain makes transactions safer and has good possibilities for businesses. However, people were more unsure about rules (Q5) and doubted that DeFi could take the place of banks (Q6). 4.3 Challenges and Future Outlook These questions looked into the technical, environmental, and legal problems people think exist. Table 4 Mean and Median Score on each Survey Question (Q7-Q11) Questions Mean Score Median Score Q7 2.680851064 2 Q8 2.723404255 2 Q9 4.723404255 5 Q10 4.595744681 5 Q11 2.80851064 2 Most participants thought that the ability to grow and the use of energy are important issues. People strongly agreed on the need for clear rules (Q9), which is the same point made in Q5. High scores on Q10 and Q11 show that people are hopeful about what blockchain can do in the future. 4.4 Reliability Analysis (Cronbach’s Alpha) To check how consistent the answers to questions Q1 to Q6 (about perception and adop- tion) are, we calculated Cronbach's Alpha. The outcome: Cronbach's Alpha for Q1-Q6 = 0.86642043 and Cronbach’s Alpha for Q7-Q11 = 0.833394517. This value is higher than 46 the usual limit of 0. 70, which means that the questions are very reliable and effectively measure participants' overall feelings about using blockchain. The high Cronbach's Alpha values in both categories show that the survey is trustworthy and the items are logically grouped together. The items probably measure what they are supposed to well, and the data is good for more math tests like looking at relation- ships, finding averages, and checking differences. Variance and Cronbach's Alpha for Perception and Adoption of Block- chain (Q1-Q6) Column1 Variance Q1 0.49977365 Q2 0.23268447 Q3 0.36849253 Q4 0.5875962 Q5 1.71933001 Q6 0.46265278 Sum 3.87052965 Variance for Respondent average score (Q1-Q6) 0.276872391 Cronbach's Alpha 0.866420428 Variance and Cronbach's Alpha for Challenges and future outlook (Q7-Q11) Column1 Variance Q7 1.408782254 Q8 1.376654064 Q9 1.395555556 Q10 1.383437229 Q11 1.383437229 Sum 6.947866333 47 Variance for Respondent average score (Q7-Q11) 0.609108194 Cronbach's Alpha 0.833394517 4.5 Variance Analysis The analysis of answers to questions Q1 to Q11 showed important information about what participants think about blockchain technology. Questions like Q2 ("Blockchain makes security better and lowers fraud") had similar answers from most people, showing that they mostly agree. On the other hand, questions like Q5 (uncertainty about regula- tions) and Q6 (whether DeFi will take over traditional banking) showed more varied an- swers, meaning people had different or strong opinions about them. Overall, the analy- sis shows that people generally agree on the main benefits of blockchain. However, they don't all agree on what will happen in the future or how ready the rules are. This points out the need for more understanding, education, and clear policies. The difference and opinions in variance analysis can be viewed in table below: Table 5 Difference and Opinions in variance analysis Question Mean Variance Interpretation Q1 4.57 0.51 Moderate Agreement Q2 4.74 0.23 Strong Agreement Q3 4.59 0.37 Strong Agreement Q4 4.55 0.60 Mixed Views Q5 3.93 1.75 Divided options Q6 4.48 0.4 Moderate Agreement Q7 2.68 1.43 Mixed Views Q8 2.72 1.98 Divided options Q9 4.72 0.37 Strong Agreement Q10 4.59 0.33 Strong Agreement 48 Q11 2.80 2.24 Strong Disagreement The variance analysis for Q1–Q11 helps us understand how consistently participants view blockchain technology. Questions Q2, Q3, Q9, and Q10 received similar answers from most people, with low differences in responses (0. 23–037) and high average scores. This shows that many respondents strongly agreed on the advantages of block- chain, especially regarding security, automating legal processes, and its future techno- logical effects. Questions Q1 and Q6 showed some agreement, while Q4 had more var- ied answers, indicating different opinions on business investment. On the other hand, Q5 (uncertainty about rules), Q7 (problems with growth), Q8 (energy use), and Q11 (us- ing blockchain in supply chains) showed a lot of differences in answers (1. 43-224), show- ing that people have different or strong opinions about them. These results show that most respondents understand the main benefits of blockchain, but they don’t all agree on the rules and the practical problems of using it. Overall, the results show that people generally accept the promise of blockchain tech- nology. However, there are some questions about its impact on the environment, its ability to grow, and whether current laws are sufficient. These areas are important chances for more learning, new technology, and making rules. Figure 10 Variance and Mean per Survey question 49 4.6 Correlation Matrix The correlation matrix shows how eleven survey questions about blockchain technology are related to each other. It shows important information: Strong Positive Connections: For example, Q11 has a strong connection with Question 7 (0. 872) and Question 8 (0. 900) This means that people who like some features of blockchain also tend to like other features. This shows that the people surveyed have a clear agreement. Weak Connec- tions: The relationship between Q5 and Q2 (0. 075) shows that these questions look at different angles of blockchain, meaning they don’t really affect each other much. Nega- tive Correlations: For example, the negative correlation between Q7 and Q2 (-0. 068) means that if people feel more confident in blockchain, they might have fewer bad thoughts about its problems. In general, the matrix clearly shows how people think about blockchain and can help those involved to tackle worries, focus on strengths, and create specific education programs about blockchain technology. By knowing how these connections work, we can create plans to help the community learn and accept new ideas better. Table 6 Correlation Matrix of each Survey Question Col- umn1 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q1 1 Q2 0.6 1 Q3 0.6 0.5195 1 Q4 0.3 0.382 0.3434 1 Q5 0.4 0.0752 0.2616 0.3315 1 Q6 0.2 0.1214 0.2215 0.6234 0.5121 1 Q7 0.1 -0.068 -0.061 0.1005 0.397 0.088 1 Q8 0.1 -0.073 -0.082 0.0237 0.4092 0.098 0.8336 1 Q9 0.3 0.4118 0.3885 0.4649 0.2712 0.224 -0.181 - 0.291 1 Q10 0.1 0.0115 0.4493 0.1221 0.2213 - 0.038 0.0922 0.047 0.1068 1 Q11 0.1 0.0209 0.0322 0.1868 0.3987 0.156 0.8722 0.901 -0.177 0.135 1 50 4.7 CONTRIBUTION OF FINDINGS: This chapter explains the main findings of this study about using blockchain technology in project management. Blockchain is a new idea, so there hasn't been much research on how to use it in real life. So, this study uses different research methods to look into the possible good things and difficulties. The study also shows a practical example of a cryptocurrency token to explain how blockchain can be used in managing projects. The research shows the benefits and challenges of using blockchain in project management. We found several ways that blockchain can make things clearer, automate agreements with smart contracts, and improve money transactions in projects. The study shows that using a token system based on blockchain is possible. In this system, 1 Euro equals 100,000 tokens, which can help make project transactions safe and easy. This study provides new understanding about using blockchain in manag- ing projects. The results show that blockchain could change how projects work, but it is still just starting to be used. The study shows that people in the industry see blockchain as a promising new technology. However, they still have big worries about its ability to grow, unclear rules, and difficulties in combining it with existing systems. The study high- lights that blockchain can help fix some problems in project management, but it’s not a perfect solution for every situation. It needs good planning to work well. This research helps people understand how to use cryptocurrency tokens in project management by showing a real example of one made for a specific project. It provides a basic starting point for future research that can improve how we use blockchain for money transac- tions, automating contracts, and working together with others on projects. 4.8 LIMITATIONS: This research had a few limitations, such as the researcher's skills, difficulties in gathering data, and the lack of available past studies. One main problem is that the researcher doesn't have much experience in doing this kind of academic study. Also, while the re- searcher has learned about blockchain technology and how it is used in project 51 management, they still feel that their technical skills are limited. Another limitation is the small number of responses, which makes it hard to do a detailed statistical analysis. Also, there is a lot of research on blockchain technology and project management on their own, but not much has been done to look at how they work together. This makes it hard to expand on what has already been studied. The research used surveys and interviews, but getting answers from industry professionals was difficult because they were very busy and might not know much about using blockchain in project manage- ment. Even with these limitations, the study gives useful information about the research problem and adds to what we already know in this new area. 4.9 Summary The study looked at how people feel about and the problems they face with blockchain technology. It used a survey aimed at professionals in IT, finance, education, and block- chain fields. Out of 47 complete answers, the data showed that people are quite familiar with blockchain, with an average score of 4. 19 out of 5. Most respondents agreed on the benefits of blockchain, especially in making things safer (average score of 4. 74), al- lowing smart contracts (4. 60), and promoting business investment (4. 55) Participants felt hopeful about the future, especially about combining blockchain with AI (4. 60) How- ever, they had mixed opinions on issues like unclear regulations and whether DeFi could replace traditional banks. People were less worried about technical issues like scalability (2. 68) and energy use (2. 72), but they strongly agreed that there is an urgent need for clearer rules and regulations (4. 72) Answers to open-ended questions and analysis showed that people generally feel good about blockchain. However, there are still some problems to focus on, such as government rules, technical issues, and specific uses in different industries. The strong consistency of the survey questions (Cronbach's alpha greater than 0. 8) shows that the results are reliable, making this study a useful look at current professional views on using and developing blockchain technology. 52 5 Conclusion and Proposals We can see the technology is getting upgraded almost every day and the blockchain is one of the new technologies that has entered the technological world, more specifically since the birth of Bitcoin. As blockchain, it has various usages and as the topic of this research, the author has shown one of the uses of blockchain technology as a crypto- graphic token. From the observation in chapter two, we saw how the block is created and continuing the block the Blockchain is built by linking the block with each other. Connection of each block gives a full form for the blockchain technology that is imple- mented with a unique hash that is digitally created. This is the main point to understand that the unique digital signature created makes the blockchain technology irreversible and provides users a private and public address for the transaction to be held. From the created digital signature, we saw how altering a single block could create an error for the blockchain to continue. The author has clearly shown how the Blockchain is unalterable and also presented the concept of public and private keys or addresses for further mod- eling the blockchain to create a cryptographic token using Solidity which is a high-level programming language. Figure 11 Blockchain network explaining its working mechanism on Business areas https://www.mdpi.com/2079-9292/12/6/1340 53 The thesis describes how blockchain technology can make project management better by improving clarity, safety, and effectiveness. It highlights that successful projects de- pend on safe and clear agreements, which blockchain helps by keeping unchangeable digital records in shared databases. You can keep track of every job, deal, and payment, which means fewer middlemen and less chance of scams or misunderstandings. Block- chain can also help with keeping track of resources, connecting with people involved, and automating contracts. It gives everyone up-to-date information about the project, helps build trust among everyone involved, and uses smart contracts to automate pay- ments and approvals. Also, blockchain keeps project information safe and secure be- cause it prevents unauthorized changes and is not controlled by a single person or group. In general, it makes things easier, saves money, and provides a clear and dependable way to handle and check projects. The author further on has shown the Use of Blockchain technology in modern days by creating cryptographic token using the method as in chapter two and using the high- level programming language solidity and coding it. So, a new Token ISMA was created using the blockchain concept and was linked with the test net for the configuration and checking if the token works accordingly to the blockchain. Metamask Ethereum based wallet was taken as the main wallet and was connected with the test net of the Binance smart chain and deployed to show one of the uses of Blockchain technology. Inside the research, we also can see that the transaction made in the blockchain from one public address to another included the gas fee which is a transaction fee for using the block in the blockchain that was successfully transferred. The Model is purposed to be one of the use cases of Blockchain technology and by using this model different decentralized digital activities can be achieved like using the model as a digital currency and also could be used for the social matter, employee aspect or as an anti-corruption as the supply is limited and transaction moves within the blocks and cannot be altered. This designed use case of Blockchain as a token can also be useful in solving many other issues of blockchain and can also be adapted by universities as a local currency to digitalize the transaction of fiat currency and its private digital currency and 54 used for all the internal transaction which will help for the quick transaction and low fee transaction that is reliable for both student and university management. A blockchain is made up of many pieces that connect digital records stored on different servers, making it almost impossible for anyone to access them without permission. It has several places where people working on the project can talk to each other. One im- portant and praiseworthy project is Russia's VEB Bank, which is exploring how to use blockchain technology to improve their financial services. Blockchain will definitely change project management and make it work better and faster. This thesis looked at how important and useful blockchain technology is now and in the future by demonstrating it in real-life situations and conducting research. This study showed how decentralized systems work by creating a basic blockchain and cryptocur- rency token. A organized survey collected 47 answers from workers in different fields to understand what people currently think about blockchain. The analysis of the survey results showed that there is strong evidence that blockchain is very beneficial. It partic- ularly improves security, transparency, and how well things operate. But unclear rules and technical growth are still big worries. The study suggests that companies should think about using blockchain in their opera- tions, particularly for managing supply chains, handling financial transactions, and using smart contracts. Using blockchain can help you stay ahead of the competition by build- ing trust, cutting down on fraud, and speeding up important tasks. 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