2019
DOI: 10.3390/buildings9040077
|View full text |Cite
|
Sign up to set email alerts
|

The Potential of Blockchain in Building Construction

Abstract: Construction customers want more complex facilities delivered faster and at a lower cost. Transaction costs account for a significant proportion of each new or refurbished facility (a 2017 report from the Infrastructure Client Group in the UK suggests as high as 50%), yet they contribute no value to the customer. Blockchain is being suggested as a way to reduce transaction costs by eliminating the need for intermediaries to build trust as a prerequisite for successfully executed agreements. This study first de… Show more

Help me understand this report

Search citation statements

Order By: Relevance

Paper Sections

Select...
1
1
1
1

Citation Types

0
31
0

Year Published

2020
2020
2024
2024

Publication Types

Select...
5
4

Relationship

0
9

Authors

Journals

citations
Cited by 90 publications
(36 citation statements)
references
References 11 publications
0
31
0
Order By: Relevance
“…The authors also stated that using this technology should also be accompanied by improvements across the legal, social and process dimensions. Furthermore, Dakhli et al [91] reviewed the possibility of using BC in saving cost for a real estate developer.…”
Section: Cluster Analysismentioning
confidence: 99%
“…The authors also stated that using this technology should also be accompanied by improvements across the legal, social and process dimensions. Furthermore, Dakhli et al [91] reviewed the possibility of using BC in saving cost for a real estate developer.…”
Section: Cluster Analysismentioning
confidence: 99%
“…Moreover, CCPM, as an innovative approach, was widely discussed in the literature and it is asserted to have great potential to remedy delay related issues of construction projects [78][79][80][81]. Furthermore, other approaches such as smart contracts and blockchain were brought to the agenda to maintain project tasks including delays [82]. In addition to mapping the occurrence of the terms, their magnitudes and subject areas are tabulated in Table 2 below.…”
Section: Main Research Interests Concerning Delay Analysismentioning
confidence: 99%
“…Blockchain technology along with smart contracts enables security of data and record transactions sequentially based on a distributed structure without relying on central authority [143]. Dakhli et al [82] addressed that smart contracts should be designed in a way that consider all possible variants related to a task, such as absenteeism of a worker resulting in a delay, which could assist project management team to identify delay causes properly. Thus, helping prevent any ambiguity during the execution of projects, blockchain-enabled contract involved in delay management is believed to be promising.…”
Section: Contributions Of Blockchain and Smart Contractmentioning
confidence: 99%
“…Each block contains a specific amount of data in the form of ciphers and codes [35], [56]. Once the block's data has been completed and validated, the block is then permanently locked and cannot be modified [57]. Previously, many researchers have used the blockchain to increase the automation of the process, reliability, and credibility through inherited functions of this technology, for instance, smart contract, transparency, and immutability.…”
Section: Need For Converging Technologies Based Construction Firmentioning
confidence: 99%