A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
A blockchain non-fungible token-enabled ‘passport’ for construction waste material cross-jurisdictional trading
Abstract The waste material passport (WMP) has been proposed for construction waste material (CWM) cross-border trading to reduce information asymmetry between parties. However, a major concern is that such WMPs are not issued by authorities that can guarantee authentication. This research aims to develop a blockchain non-fungible token (NFT)-enabled WMP. By using design science research, we develop a framework to (1) digitize CWM into NFT-enabled passports via tokenization; (2) prevent duplicated issuance of passports with unique NFT identifiers; (3) enhance information transparency via blockchain distributed ledgers; (4) improve trading efficiency via its decentralized consensus; and (5) secure transaction records via its cryptographic algorithms. The framework is prototyped and simulated in a case study. The prototype is found feasible with satisfactory performance. It can serve as a reference for future endeavors in harnessing the power of blockchain NFTs, particularly for mobilizing blockchain NFT-enabled passports for various value-added applications in the circular economy.
Highlights A blockchain non-fungible token (NFT)-enabled ‘passport’ framework for construction waste material (CWM) trading. The blockchain NFT-enabled framework is instantiated by developing a prototype. The feasibility and performance of the prototype are validated through a case study. The prototype can enable CWMs trading and prevent duplicate passport issuance, information opacity, and data manipulation.
A blockchain non-fungible token-enabled ‘passport’ for construction waste material cross-jurisdictional trading
Abstract The waste material passport (WMP) has been proposed for construction waste material (CWM) cross-border trading to reduce information asymmetry between parties. However, a major concern is that such WMPs are not issued by authorities that can guarantee authentication. This research aims to develop a blockchain non-fungible token (NFT)-enabled WMP. By using design science research, we develop a framework to (1) digitize CWM into NFT-enabled passports via tokenization; (2) prevent duplicated issuance of passports with unique NFT identifiers; (3) enhance information transparency via blockchain distributed ledgers; (4) improve trading efficiency via its decentralized consensus; and (5) secure transaction records via its cryptographic algorithms. The framework is prototyped and simulated in a case study. The prototype is found feasible with satisfactory performance. It can serve as a reference for future endeavors in harnessing the power of blockchain NFTs, particularly for mobilizing blockchain NFT-enabled passports for various value-added applications in the circular economy.
Highlights A blockchain non-fungible token (NFT)-enabled ‘passport’ framework for construction waste material (CWM) trading. The blockchain NFT-enabled framework is instantiated by developing a prototype. The feasibility and performance of the prototype are validated through a case study. The prototype can enable CWMs trading and prevent duplicate passport issuance, information opacity, and data manipulation.
A blockchain non-fungible token-enabled ‘passport’ for construction waste material cross-jurisdictional trading
Wu, Liupengfei (author) / Lu, Weisheng (author) / Peng, Ziyu (author) / Webster, Chris (author)
2023-01-31
Article (Journal)
Electronic Resource
English