Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Applying Blockchain Technology in Smart Contracts for Construction Payment: A Proposed Solution
The construction industry has been facing the challenging problem of delayed payments and disputes over payment between owners and contractors. While multiple studies have been conducted to address this issue and reduce the delays caused by slow payments, the results have not been optimal. In this study, we propose a new process that leverages smart contract technology in Blockchain to solve the problem of slow payment in construction projects and post-contract disputes. This process aims to minimize the risks associated with project stoppage or prolonged duration, ensuring project continuity and safeguarding the rights of all parties involved. Specifically, we utilize smart contracts to facilitate automated payment transactions between owners and contractors. The smart contracts also act as a third-party monitor to ensure that both parties fulfill their obligations in the project. Furthermore, Blockchain technology is employed to record all project lifecycle transactions in a chronological order, enabling efficient management and retrieval of project-related data. Overall, our proposed approach offers a novel solution to the challenges posed by delayed payments and disputes in the construction industry, enhancing transparency, and promoting trust among project stakeholders.
Applying Blockchain Technology in Smart Contracts for Construction Payment: A Proposed Solution
The construction industry has been facing the challenging problem of delayed payments and disputes over payment between owners and contractors. While multiple studies have been conducted to address this issue and reduce the delays caused by slow payments, the results have not been optimal. In this study, we propose a new process that leverages smart contract technology in Blockchain to solve the problem of slow payment in construction projects and post-contract disputes. This process aims to minimize the risks associated with project stoppage or prolonged duration, ensuring project continuity and safeguarding the rights of all parties involved. Specifically, we utilize smart contracts to facilitate automated payment transactions between owners and contractors. The smart contracts also act as a third-party monitor to ensure that both parties fulfill their obligations in the project. Furthermore, Blockchain technology is employed to record all project lifecycle transactions in a chronological order, enabling efficient management and retrieval of project-related data. Overall, our proposed approach offers a novel solution to the challenges posed by delayed payments and disputes in the construction industry, enhancing transparency, and promoting trust among project stakeholders.
Applying Blockchain Technology in Smart Contracts for Construction Payment: A Proposed Solution
Lecture Notes in Civil Engineering
Reddy, J. N. (Herausgeber:in) / Wang, Chien Ming (Herausgeber:in) / Luong, Van Hai (Herausgeber:in) / Le, Anh Tuan (Herausgeber:in) / Son, Pham Vu Hong (Autor:in) / Thien, Vo Thanh (Autor:in) / Dang, Nghiep Trinh Nguyen (Autor:in)
The International Conference on Sustainable Civil Engineering and Architecture ; 2023 ; Da Nang City, Vietnam
12.12.2023
8 pages
Aufsatz/Kapitel (Buch)
Elektronische Ressource
Englisch
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