Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Exploring the Potential of Smart Contracts in the Business Industry
In 2018, construction was responsible for more than 6 percent of global GDP, and this number is expected to rise to 14.7 percent by 2030. However, the construction sector is hampered by several obstacles that prevent it from evolving into a simpler, quicker, and more lucrative enterprise. Many of these hurdles may be overcome with the use of smart contract technology, which boasts advantages like increased security, accelerated processing, and transparent transactions throughout the whole construction sector. Insights into the application of "smart contracts" within the construction industry are explored in this study to determine the efficacy of this technology in the industry. The research makes use of a number of different approaches to arrive at findings that contribute to the scientific community. The value that "smart contracts" may bring to various facets of construction is discussed and analysed via the use of two case stud-ies and a survey. Prior to the case studies and survey chapters, a literature review and a chapter outlining blockchain and smart contracts and their applications in the construction industry are included. After years of study, a plethora of initiatives have been set in motion to bring the revolutionary blockchain technology to various segments of the construction industry. According to the findings, new software and hardware are being tested and deployed in the field. According to the results of the first case study, using the breakthrough technology, known as PLASMA, has the potential to drastically cut down on building projects' durations and budgets. In the second case study, it is obvious how the application of smart contract technology plays out in the real world. Payment automation on a building site using sensors and blockchain technology proved effective, with an error rate of under 5%. Finally, the poll found that over 70% of respondents think "smart contracts" technology would become commonplace in many facets of the construction industry.
Exploring the Potential of Smart Contracts in the Business Industry
In 2018, construction was responsible for more than 6 percent of global GDP, and this number is expected to rise to 14.7 percent by 2030. However, the construction sector is hampered by several obstacles that prevent it from evolving into a simpler, quicker, and more lucrative enterprise. Many of these hurdles may be overcome with the use of smart contract technology, which boasts advantages like increased security, accelerated processing, and transparent transactions throughout the whole construction sector. Insights into the application of "smart contracts" within the construction industry are explored in this study to determine the efficacy of this technology in the industry. The research makes use of a number of different approaches to arrive at findings that contribute to the scientific community. The value that "smart contracts" may bring to various facets of construction is discussed and analysed via the use of two case stud-ies and a survey. Prior to the case studies and survey chapters, a literature review and a chapter outlining blockchain and smart contracts and their applications in the construction industry are included. After years of study, a plethora of initiatives have been set in motion to bring the revolutionary blockchain technology to various segments of the construction industry. According to the findings, new software and hardware are being tested and deployed in the field. According to the results of the first case study, using the breakthrough technology, known as PLASMA, has the potential to drastically cut down on building projects' durations and budgets. In the second case study, it is obvious how the application of smart contract technology plays out in the real world. Payment automation on a building site using sensors and blockchain technology proved effective, with an error rate of under 5%. Finally, the poll found that over 70% of respondents think "smart contracts" technology would become commonplace in many facets of the construction industry.
Exploring the Potential of Smart Contracts in the Business Industry
Akhnoukh, Mario (Autor:in)
01.01.2023
URN:NBN:fi:amk-2023100226751
Hochschulschrift
Elektronische Ressource
Englisch
DDC:
690
Readiness and Potential Application of Smart Contracts in the Indonesian Construction Industry
| Springer Verlag | 2023
| Taylor & Francis Verlag | 2023
Systematic literature review on smart contracts in the construction industry
| BASE | 2022
Departments - Practice Matters: Smart contracts
| Online Contents | 2000