Risk factors affecting blockchain-based smart contract use in architecture, engineering, and construction industry

Aladağ, Hande

doi:10.14744/megaron.2023.24471

Cited by 1 publication

(17 citation statements)

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“…• Energy consumption/Computational power: The BC is criticised for its energy use as it relies on computer power to function. As the construction increasingly adopts BC, the associated energy-intensive computations could amplify the sector's overall carbon footprint, necessitating a balance between technological advancements and environmental responsibility [194].…”

Section: Weaknessesmentioning

confidence: 99%

“…• Malicious attacks/Cybersecurity: The integration of digital technologies in the construction industry may lead to substantial economic consequences due to its susceptibility to cybercriminal attacks [38]. Ensuring robust security measures is imperative to prevent unauthorized access and protect against breaches, thereby mitigating the peril of compromised contract integrity and associated losses [23,37,194].…”

Section: Weaknessesmentioning

confidence: 99%

“…In essence, BCs often operate in isolation with no standardized protocols or methods for sharing data, assets, or executing transactions across different BC ecosystems. Such incompatibility can hinder seamless communication and data sharing among stakeholders, leading to inefficiencies and communication breakdowns [190,194].…”

Section: Weaknessesmentioning

confidence: 99%

“…• Lack of privacy: SCs in the construction industry grapple with privacy concerns, particularly on public BC networks like Ethereum, where data transparency exposes transaction details to all participants. Ensuring privacy while maintaining transparency remains a challenge, impacting applications that necessitate higher levels of anonymity [190,194].…”

Section: Weaknessesmentioning

confidence: 99%

“…• Limited storage capacity: Another challenge associated with BCs is their unsuitability for storing big data. Where extensive project-related data is generated, the limitations in data storage and bandwidth can hinder transactions' recording and handling substantial amounts of project data [59,162,194].…”

Section: Weaknessesmentioning

confidence: 99%

See 4 more Smart Citations

Integration of Blockchain-Enabled Smart Contracts in Construction: SWOT Framework and Social Network Analysis

Ghaly,

Elbeltagi,

Elsmadony

et al. 2024

Civ Eng J

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The construction sector, one of the most ancient industries globally, holds a crucial role in the progress and development of societies. However, it faces persistent productivity and efficiency challenges, rendering it a relative setback when compared to other sectors. In the ever-evolving landscape of the construction industry, characterized by complex projects, numerous stakeholders, and intricate contractual agreements, the integration of emerging technologies presents an unprecedented opportunity for transformation. Smart contracts (SCs), underpinned by blockchain (BC) technology, hold the potential to streamline and revolutionize traditional construction processes. Current literature shows a lack of comprehensive quantitative understanding of how Blockchain-enabled Smart Contracts (BSC) can affect the construction sector. To address this gap, the authors have (1) conducted a systematic keyword analysis of literature on SC in construction from Scopus and Web of Science (WoS) databases; (2) conducted a strengths–weaknesses–opportunities–threats (SWOT) analysis of BSC’s adoption in the construction industry from 174 peer-reviewed papers; (3) identified a holistic list of 72 factors steering BSC adoption in construction, categorized into the 4 aspects of the SWOT framework; (4) performed social network analysis (SNA) to quantitively assess the literature in terms of the identified factors; and (5) conducted clustering analysis to categorize combination of factors frequently highlighted in research publications into common groups. This research offers a comprehensive and methodical evaluation of the potential advantages, applications, and challenges associated with integrating BSC in the construction industry. The findings of SNA and clustering reveal a notable lack of investigation into certain combinations of factors in existing academic research. This disparity and the ensuing knowledge gaps may affect SC’s adoption in the construction sector. To this end, this study equips stakeholders with the insights necessary to make informed decisions in this rapidly evolving sector and contributes to a roadmap for future BSC construction-related research. Doi: 10.28991/CEJ-2024-010-05-020 Full Text: PDF

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Section: Weaknessesmentioning

confidence: 99%