Blockchain Technology in Construction PDF
Document Details
Uploaded by Deleted User
Tags
Summary
This document discusses the potential of blockchain technology in improving efficiency and transparency within the construction industry. The author explores how blockchain can reduce transaction costs and enhance verification in project management. Key applications are presented, and potential implementation challenges are identified.
Full Transcript
Blockchain technology offers significant potential for improving efficiency and transparency in the construction industry. It can reduce transaction costs by up to 8.3% in residential construction (Dakhli et al., 2019) and enhance trust, transparency, and verification in project management (Hargaden...
Blockchain technology offers significant potential for improving efficiency and transparency in the construction industry. It can reduce transaction costs by up to 8.3% in residential construction (Dakhli et al., 2019) and enhance trust, transparency, and verification in project management (Hargaden et al., 2019). Key applications include integration with Building Information Modeling (BIM), smart contracts, supply chain management, and real estate transactions (Plevris et al., 2022). Blockchain aligns well with agile project management methodologies, addressing information and knowledge transfer issues between teams (Kisielnicki, 2018). However, its implementation may face challenges due to the construction sector\'s slow adoption of innovative technologies (Hargaden et al., 2019). While blockchain shows promise in various aspects of construction, including smart buildings and cities (Plevris et al., 2022), careful consideration is needed to determine its cost-effectiveness and necessity for specific projects (Kisielnicki, 2018).
