A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Blockchain Based Smart Contract Usability in Agreement on Building Works : Finnish Regulatory Framework
The construction industry is known for its weak development of productivity and digitalization. In addition, complex structure of agreement on building works, multistaged contracting practices and prevalence of disputes provide a fertile context for the research. This thesis provides an overview to agreement on building works and their regulatory framework in Finland. Purpose, general content and contracting process is examined to understand related challenges and potential areas for improvement. Blockchain based smart contracts are studied as a potential technology to be utilized in construction agreements. Features, operational logic, benefits, and legal position of smart contracts are addressed. Blockchain and smart contract technologies modify the way contracts are formed and understood. Possibilities and benefits in different sections and applications are not clear to the extent enabled by the technology. Therefore, this thesis contributes to research concerning opportunities smart contracts could offer in different industries, operations and activities. Carried out as literature research, this study examines how smart contract technology could be utilized in agreements on building work and what kind of challenges are related to implementation of the technology in the Finnish legal environment. On the basis of literature review of agreement on building works, blockchain and smart contract technologies, a case study is built in the study. Use case example assesses suitability and usability of smart contracts in agreement on building works. Based on the study, Finnish legislation does not appear to pose direct obstacles to the creation of a legally valid agreement binding on contracting parties. The assessment of the mechanisms and binding nature of the agreement is in principle no different from the traditional agreement process. However, the study identified challenges that slow down or may hamper the willingness to adopt the technology and practical pilots. The challenges relate to technical requirements, ...
Blockchain Based Smart Contract Usability in Agreement on Building Works : Finnish Regulatory Framework
The construction industry is known for its weak development of productivity and digitalization. In addition, complex structure of agreement on building works, multistaged contracting practices and prevalence of disputes provide a fertile context for the research. This thesis provides an overview to agreement on building works and their regulatory framework in Finland. Purpose, general content and contracting process is examined to understand related challenges and potential areas for improvement. Blockchain based smart contracts are studied as a potential technology to be utilized in construction agreements. Features, operational logic, benefits, and legal position of smart contracts are addressed. Blockchain and smart contract technologies modify the way contracts are formed and understood. Possibilities and benefits in different sections and applications are not clear to the extent enabled by the technology. Therefore, this thesis contributes to research concerning opportunities smart contracts could offer in different industries, operations and activities. Carried out as literature research, this study examines how smart contract technology could be utilized in agreements on building work and what kind of challenges are related to implementation of the technology in the Finnish legal environment. On the basis of literature review of agreement on building works, blockchain and smart contract technologies, a case study is built in the study. Use case example assesses suitability and usability of smart contracts in agreement on building works. Based on the study, Finnish legislation does not appear to pose direct obstacles to the creation of a legally valid agreement binding on contracting parties. The assessment of the mechanisms and binding nature of the agreement is in principle no different from the traditional agreement process. However, the study identified challenges that slow down or may hamper the willingness to adopt the technology and practical pilots. The challenges relate to technical requirements, ...
Blockchain Based Smart Contract Usability in Agreement on Building Works : Finnish Regulatory Framework
2022-05-23
Miscellaneous
Electronic Resource
English
DDC:
690
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