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Smart Contracts in Construction from Management to Materials: Acting as a Bridge between the Two

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Abstract:

The goal of this article is to demonstrate how smart contracts can be leveraged via blockchain technologies. This will enable us to create a bridge between management and the materials used in the construction industry. It is all too common for construction projects to encounter a number of problems along the way, including a lack of communication between builders, laborers, and vendors. As a result of these issues, the proposed timelines and quality of construction end up being compromised. Oftentimes, stakeholders involved in the project are not quite aware of the quality and quantity of materials that will be used to complete the project. It is precisely this problem that we aim to solve through the use of blockchain technology. As a result of the use of blockchain technology, smart contracts offer transparency and trust to their stakeholders. In order to achieve our primary objective, we intend to leverage the advantages of blockchain. This will enable us to ensure clear visibility of construction materials, deadlines, subcontractors and any other elements that are part of a construction project.

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Periodical:

Engineering Innovations (Volume 6)

Pages:

43-48

DOI:

https://doi.org/10.4028/p-hui96q

Citation:

Cite this paper

Online since:

June 2023

Authors:

Norbert Forman, József Udvaros*

Keywords:

Algorithm, Blockchain, Data Privacy, Decentralised Construction, Material Overview, Material Quality, Smart Contract

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Creative Commons CC BY 4.0

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* - Corresponding Author

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