Data-driven decision making with Blockchain-IoT integrated architecture: a project resource management agility perspective of industry 4.0

Recently due to excessive competition, un-predictable market, disruptive business models and exponential growth in the complexity of technology and innovation, the existing PRM tools and techniques do not cope effectively, leading to scarcity/abundance of resources and induced overheads, which is the major challenge faced by PRM. This article discusses various key challenges faced by asset intensive EPC (Engineering, Procurement and Construction) industry related to managing their resources. Further, the challenges were modelled and analyzed using Ishikawa diagram and Pareto chart for identifying the significant causes. Considering the mentioned challenges, this article develops a Blockchain-IoT integrated architecture for providing Business Intelligence to improve agility of PRM process for the EPC industry. The developed architecture provides EPC industries with the capabilities like real-time data capture along with autonomous coordination of the resources with increased capacity of decentralization, trust-less transactions, security and transparency leading to improved process agility. This article gives a new dimension towards utilization of Blockchain blended with the boons of IoT technology and also gives a way forward to other asset-intensive industries to re-design their PRM in a more agile way.