We present a solution based on blockchain technology and smart contracts for agile project management in light of the continuing transition in the software development industry. Due to the fact that these technologies are self-executing, customized, and impervious to tampering, they are considered to be crucial for the transition to a more efficient, transparent, and transactive payment gateway between major stakeholders. These major stakeholders will be able to communicate through smart contracts, which will act as a bridge between them. As part of their responsibility, they will make sure that all of the terms of the contract are met and acknowledged by all members of the team. As a result of our research, we propose a model in which payouts could be automatically enabled and penalties or grants could be introduced based on performance. If any changes were to be made to the contract in the future, all parties involved would be automatically notified. To maintain the development cycle, they should accept these changes as soon as possible. Because of this, the product owner and client are able to concentrate their resources on more profitable and productive tasks, without the need to monitor this aspect of agile project management. Our proposed model brings together different partners with the objective of successfully developing different IT projects by leveraging software engineering solutions such as smart contracts.