Blockchain-Based Methodology for Collaborative Risk Assessment: Fid-Bau Portal

Blockchain-Based Methodology for Collaborative Risk Assessment

Chung, In Bae / Caldas, Carlos H.

Risk assessment is an important part of risk management in construction projects as it involves the identification, evaluation, and prioritization of potential risk events. This enables project teams to properly mitigate them. With the intent of getting risk input from multiple stakeholders, different systems have been developed to support collaborative risk assessment. However, these systems often face challenges such as no data confidentiality, poor data security, lack of transparency, and absence of traceability and auditability for the team members. Blockchain is an emergent decentralized digital technology that can provide solutions to overcome such deficiencies of centralized systems. In this study, the need for a novel blockchain-based methodology for collaborative risk assessment is analyzed. Multiple traits of blockchain technology have been found through the literature review. From these multiple traits, the key functional elements for the methodology have been identified and discussed in further detail. The research points out some of the limitations at the current state so that future work can be conducted to build a methodology that can be even more beneficial for the risk management of construction projects.