A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Financial management of construction projects: Hyperledger fabric and chaincode solutions
Abstract This paper proposes a novel interconnected financial management system based on Hyperledger fabric and chaincode solutions to address endemic problems with financial management practices adopted within construction projects. Increasingly complex construction projects have necessitated a corresponding evolvement of financial management tools and systems to augment security and control. A decentralised financial management system is introduced to deal with all financial tasks across various construction stages using blockchain technology. Under different delivery approaches and payment methods, the proposed system enables parties to record/invoke their transactions safely and automatically, with no third party involvement. Moreover, the proposed approach allows non-owner parties to control remaining financial rights during the Defects Liability Period (DLP) automatically through a pre-agreed endorsement policy. The proposed system is tested on a real-life case project, where results corroborate its ability and workability in providing a secure and scalable platform for all project parties.
Highlights This paper provides a secure and interconnected financial system for construction projects The proposed financial solution-based Hyperledger fabric deal with payment issues during the whole project lifecycle The proposed ‘Proof Of Concept’ enables all parties to invoke their transactions through an integrated platform The endorsement policy in this system prevents the misuse of the DLP by the client to withhold contractors' duties
Financial management of construction projects: Hyperledger fabric and chaincode solutions
Abstract This paper proposes a novel interconnected financial management system based on Hyperledger fabric and chaincode solutions to address endemic problems with financial management practices adopted within construction projects. Increasingly complex construction projects have necessitated a corresponding evolvement of financial management tools and systems to augment security and control. A decentralised financial management system is introduced to deal with all financial tasks across various construction stages using blockchain technology. Under different delivery approaches and payment methods, the proposed system enables parties to record/invoke their transactions safely and automatically, with no third party involvement. Moreover, the proposed approach allows non-owner parties to control remaining financial rights during the Defects Liability Period (DLP) automatically through a pre-agreed endorsement policy. The proposed system is tested on a real-life case project, where results corroborate its ability and workability in providing a secure and scalable platform for all project parties.
Highlights This paper provides a secure and interconnected financial system for construction projects The proposed financial solution-based Hyperledger fabric deal with payment issues during the whole project lifecycle The proposed ‘Proof Of Concept’ enables all parties to invoke their transactions through an integrated platform The endorsement policy in this system prevents the misuse of the DLP by the client to withhold contractors' duties
Financial management of construction projects: Hyperledger fabric and chaincode solutions
Elghaish, Faris (author) / Pour Rahimian, Farzad (author) / Hosseini, M. Reza (author) / Edwards, David (author) / Shelbourn, Mark (author)
2022-02-16
Article (Journal)
Electronic Resource
English
Blockchain Technologies: Hyperledger Fabric in BIM Work Processes
| Springer Verlag | 2020
Hyperledger Fabric-Based Tea Supply Chain Production Data Traceable Scheme
| DOAJ | 2023
Financial management of construction projects:Hyperledger fabric and chaincode solutions
| BASE | 2022
Financial Management of Construction Projects. Cases and Theory in the Pacific Rim
| Online Contents | 1993