Blockchain-Driven Engineering Project Control Systems in Chemical Industry: Evaluating Critical Success Factors for Project Success and Compliance

Abstract

Because of the inherent complexities and risks of chemical engineering undertakings, the need to put in place robust forms of project control systems (PCS) is paramount to realizing cost management, efficiency enhancement, and compliance with all regulations. Blockchain technology shines, given as a revolutionary advance that offers a decentralized, unchangeable, and transparent system of record keeping, followed by automated smart contracts and enhanced compliance regimes. The critical drivers behind the adoption of blockchain-based PCS and their influence on the project outcome and the regulatory compliance are examined in this study. Quantitative research methods are used, and Partial Least Squares Structural Equation Modeling (PLS-SEM) is used to test the relationships between blockchain implementation, CSFs, baseline planning and project performance. The results of the research reveal that blockchain technology enhances a significant improvement in project transparency, automation, and data protection that contributes to critical success factors, such as risk management, contract efficiency, and collaboration between stakeholders. The observed mediators of blockchain adoption that relate to the success of projects are identified as baseline planning and technological readiness. However, the research indicates that project compliance success does not primarily hinge around blockchain adoption but rather control is in the public regulatory regimes and enforcement norms. This research highlights strategic planning, digital capabilities, and governance as the major ingredients which help to embrace blockchain into engineering project management. The research contributes to a growing knowledge of digital transformation in engineering project management and provides actionable ideas for industry practitioners who desire to take advantage of decentralized technologies for the optimization of projects. Keywords: Blockchain technology, project control systems, critical success factors, compliance, engineering project management, chemical industry, digital transformation.