A model-based smart contracts system via blockchain technology to reduce delays and conflicts in construction management processes

【Author】 Wahab, Abdul; Wang, Jun; Shojaei, Alireza; Ma, Junfeng

【Source】ENGINEERING CONSTRUCTION AND ARCHITECTURAL MANAGEMENT

【影响因子】3.850

【Abstract】Purpose Smart contracts using blockchain technology (BCT) is a tool that decentralizes authority and makes it easier to upgrade the contract administration process by providing an efficient system. Current literature provides a good overview of contracts in the construction industry; however, the specific details of BCT's smart contracts applications in the three categories have not been addressed adequately: (1) information quality, (2) enhancing project schedule and progress payment time and (3) reducing conflicts among project stakeholders. Thus, this study aims to analyze smart contracts using BCT by creating a computerized contract model, specifically evaluating its impact on the three identified categories. Design/methodology/approach In this paper BCT-SmContract was developed through an automated program that utilizes blockchain to define the contractual agreements between different parties in a construction project. BCT-SmContract model provides a new technique to overcome the current challenges associated with factors identified in this study, i.e. (1) information quality, (2) enhancing project schedule and progress payment time and (3) reducing conflicts among project stakeholders. Afterward, the model was tested to ensure validity and reliability through a construction project. Findings The findings indicated that BCT-SmContract was approximately 90% faster to execute the contract and 100% accurate in reflecting the correct information about the project status, resulting in reduced conflicts. Originality/value This study has contributed in upgrading the traditional contracting method in construction by developing an automated smart contract model to enhance the processes and achieve higher accuracy.

【Keywords】Blockchain technology (BCT); Smart contracts; Contracts model; Construction management processes; Case study; Categories

【发表时间】

【收录时间】2022-08-28

【文献类型】理论模型

【主题类别】

区块链技术-核心技术-智能合约