Smart Contracts and Supply Chain Management Using Blockchain

Abstract

With a Fourth Industrial Revolution making inroads, encompassing all sectors of the industry with numerous concepts of disruptive technology such as Artificial Intelligence, Blockchain, Virtual and Augmented Reality, Internet of Things (IoT), Robotics and 3D Printing we have barely scratched the surface of its Scope, Implication, and Applications in various branches of the Construction Industry. This research aims to investigate the potential of Blockchain technology in the context of Smart Contracts and Supply chain management (SCM) applications in the construction sector. Most of the time, cost overruns have been attributed to the sluggish pace of contractual impediments or inefficacy of material and machinery procurement processes. The executive of material and data stream is a crucial need for development organizations. Effective execution in these regions can give significant benefits and permit more main incentives for customers. The industry is regularly censured for being delayed to grasp the change it needs and at the exact moment has been referred to as ready for the interruption because of the intricacy of work and a sheer number of guidelines and gauges, trust and check issues in regards to consistency to work principles still loom to a great extent. The momentum built by BIM infusion in the industry could be leveraged to bring Blockchain technology to the fore to mitigate Information Asymmetry by -distributing information to generate decentralized consensus building among various stakeholders involved.

Establishing the relationship between the strategic factors influencing blockchain technology deployment for achieving SDG and ESG objectives during infrastructure development: an ISM-MICMAC approach

“…The ISM hierarchy’s most crucial and significant element is identity management (F8). A robust identity management system must be implemented to provide dependable and secure access to blockchain networks (Sadeghi et al ., 2022a, b; Singh and Prasath Kumar, 2022). Supply chain management (F7) and data security (F4) are two crucial elements that have a significant impact on building operations, according to Sadeghi et al.…”

Risks Caused by Information Asymmetry in Construction Projects: A Systematic Literature Review

“…The remaining articles marked as Level III only used the terminology connected with information asymmetry somewhere in the text without any further elaboration on the concept. The topics investigated in these articles were diverse, and included the following: the analysis of work choices of contractors [109]; dynamic contract terms in projects [110]; network analysis of keywords in articles [18]; cost overruns of large construction projects [111]; risk identification and analysis on a company level [112]; decision support system for housing condition assessment, refurbishment and contractor selection [113][114][115]; communication performance challenges in PPP projects [116]; optimization of social procurement policy outcomes [117]; effect of contract completeness on contractors' opportunistic behavior [118]; allocation of risks in construction projects [44,119]; minimization of transaction costs in building energy efficiency [120]; blockchain in smart contracts and supply chain management [35]; contractors' risk attitudes [121]; improvement of the quality of projects [122,123]; environmental responsibility behavior in megaprojects [124]; safety supervision for prefabricated building construction [125]; and opportunistic behavior of private companies in a PPP project [126].…”

“…As for risks that are caused by information asymmetry among project participants, research in construction mainly deals with mitigation strategies. Thus, some of the main recognized strategies in recent research include the following: incentives for agents [10,[26][27][28][29][30]; control and monitoring of the agent [10]; optimization of rewards and agent performance [31]; building trust among the project participants [9]; risk sharing between principal and agent [32,33]; and the use of information technologies such as building information modeling (BIM) and blockchain [7,34,35]. However, the previous steps of risk management are not equally represented.…”

Analyzing the barriers for blockchain-enabled BIM adoption in facility management using best-worst method approach

“…Previous studies have shown that BT can facilitate data exchange between owners, operators, contractors, suppliers and other parties while maintaining data privacy and security (Deepa et al, 2022;Singh et al, 2023a, b, c). Smart contracts, powered by BT, can also automate and streamline FM tasks, such as maintenance scheduling, asset tracking and payment processing, reducing administrative overhead and improving operational efficiency (Mason, 2017;Singh and Prasath Kumar, 2022). Additionally, BEBIM for FM can improve asset management and maintenance.…”

“…, 2022; Singh et al ., 2023a, b, c). Smart contracts, powered by BT, can also automate and streamline FM tasks, such as maintenance scheduling, asset tracking and payment processing, reducing administrative overhead and improving operational efficiency (Mason, 2017; Singh and Prasath Kumar, 2022). Additionally, BEBIM for FM can improve asset management and maintenance.…”