Leveraging Smart Contract in Construction for Supporting Timely Project Delivery Conference

Munawat, V, Wang, L. (2023). Leveraging Smart Contract in Construction for Supporting Timely Project Delivery .

cited authors

  • Munawat, V; Wang, L

authors

abstract

  • Timely identification, analysis, and verification of contract compliance are necessary for reliable construction workflow, but these operations often require an extensive amount of time investment. Blockchain provides a secure, decentralized method of managing information that can address numerous challenges in the construction industry. Smart contract, an algorithmically-specified contractual transaction protocol, allows for automatic execution based on predefined conditions, which can facilitate real-time communication and collaboration among stakeholders. Therefore, this study aims to explore how smart contracts can improve efficiency, transparency, and accountability in the construction industry by automating contract execution, ensuring compliance, and reducing disputes. A construction smart contract framework was proposed by integrating hyperledger fabric and building information modelling (BIM) within an integrated project delivery (IPD) model. The benefits and limitations of using smart contracts in construction are identified, and further recommendations for smart contract implementations are discussed.

publication date

  • January 1, 2023