Leveraging Blockchain Technology in the Construction Industry

Shah, Mushtaq Ahmad; Uddin, Furquan

doi:10.4018/978-1-6684-7808-0.ch004

Cited by 2 publications

(1 citation statement)

References 25 publications

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“…This is a novelty because it guarantees the security of payment for construction works with fewer burdens of intermediaries. These intermediaries' administrative costs such as lawyers or banks are avoided during the transaction …" The findings align with the conclusions drawn by Cardeira (2015), Hughes (2017), and Ahmadisheykhsarmast and Sonmez (2020). Cardeira (2015) asserted that the implementation of smart contracts could yield cost savings within the sector by fully or partially automating contract administration.…”

Section: Theme 1: Relevance Of Smart Contract Technologysupporting

confidence: 84%

Smart contract applications in the built environment: How prepared are Nigerian construction stakeholders?

Ebekozien,

Aigbavboa,

Adekunle

et al. 2023

Front. Eng. Manag.

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Studies have demonstrated that advanced technology, such as smart contract applications, can enhance both pre- and post-contract administration within the built environment sector. Smart contract technology, exemplifying blockchain technologies, has the potential to improve transparency, trust, and the security of data transactions within this sector. However, there is a dearth of academic literature concerning smart contract applications within the construction industries of developing countries, with a specific focus on Nigeria. Consequently, this study seeks to explore the relevance of smart contract technology and address the challenges impeding its adoption, offering strategies to mitigate the obstacles faced by smart contract applications. To investigate the stakeholders, this research conducted 14 virtual interview sessions to achieve data saturation. The interviewees encompassed project management practitioners, senior management personnel from construction companies, experts in construction dispute resolution, professionals in construction software, and representatives from government construction agencies. The data obtained from these interviews underwent thorough analysis employing a thematic approach. The study duly recognizes the significance of smart contract applications within the sector. Among the 12 identified barriers, issues such as identity theft and data leakage, communication and synchronization challenges, high computational expenses, lack of driving impetus, excessive electricity consumption, intricate implementation processes, absence of a universally applicable legal framework, and the lack of a localized legal framework were recurrent impediments affecting the adoption of smart contract applications within the sector. The study also delves into comprehensive measures to mitigate these barriers. In conclusion, this study critically evaluates the relevance of smart contract applications within the built environment, with a specific focus on promoting their usage. It may serve as a pioneering effort, especially within the context of Nigeria.

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Section: Theme 1: Relevance Of Smart Contract Technologysupporting

confidence: 84%

Smart contract applications in the built environment: How prepared are Nigerian construction stakeholders?

Ebekozien,

Aigbavboa,

Adekunle

et al. 2023

Front. Eng. Manag.

View full text Add to dashboard Cite

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Compliance Challenges and Tech-Driven Solutions in Combating Financial Crime Within the Fintech Ecosystem

Shah,

Ganesh

2024

Safeguarding Financial Data in the Digital Age

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The fast-growing Fintech industry has become a battleground for financial crime, posing significant challenges to regulators and business stakeholders. This chapter investigates financial crime threats and regulatory implications in the changing FinTech environment. The study looks into the awareness of financial crimes and examines the major Fintech risks that businesses face. Employing an exploratory research approach, the study examines public awareness of financial crimes through a survey questionnaire sent to the target respondents. Moreover, the recent regulatory actions against FinTech companies are examined, illustrating the growing emphasis on consumer protection and compliance. The chapter concludes by emphasising the importance of an exclusive global legislative framework for combating financial crimes in FinTech. This chapter advances understanding of financial crime risks and regulatory considerations in FinTech, providing significant insights for scholars, regulators, and FinTech enterprises.

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Leveraging Blockchain Technology in the Construction Industry

Cited by 2 publications

References 25 publications

Smart contract applications in the built environment: How prepared are Nigerian construction stakeholders?

Smart contract applications in the built environment: How prepared are Nigerian construction stakeholders?

Compliance Challenges and Tech-Driven Solutions in Combating Financial Crime Within the Fintech Ecosystem

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