A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Apply Smart Blockchain Framework in the Construction Contract Management
Construction projects, with their complex nature, large scale and various uncertainty, usually involve many parties with complicated collaboration. Conventional centralized governance fashions where client and/or general contractor plays the key roles and have overpowering force over others have been proven not effective in settling current loopholes. Blockchain, a distributed ledger technology with high transparency, immutability and security, is believed the solution as it has been applied successfully in many other industries with similar aims. This paper seeks to present a comprehensive empirical Blockchain-based contract management framework applicable in the construction sector to reduce the risk of payment, cash flow and conflict resolution failure and strengthen the overall project management procedure. The research outcomes were reviewed by a committee in which members are either experts in construction sector or Blockchain field via a written structured interview questionnaire. The evaluation result has demonstrated the superior of proposed framework for sorting out the automatic interim payment with the presence of a general contractor and one nominated subcontractor as well as solving the delay responsibility between a client and a general contractor and implementation of subsequent contractual events.
Apply Smart Blockchain Framework in the Construction Contract Management
Construction projects, with their complex nature, large scale and various uncertainty, usually involve many parties with complicated collaboration. Conventional centralized governance fashions where client and/or general contractor plays the key roles and have overpowering force over others have been proven not effective in settling current loopholes. Blockchain, a distributed ledger technology with high transparency, immutability and security, is believed the solution as it has been applied successfully in many other industries with similar aims. This paper seeks to present a comprehensive empirical Blockchain-based contract management framework applicable in the construction sector to reduce the risk of payment, cash flow and conflict resolution failure and strengthen the overall project management procedure. The research outcomes were reviewed by a committee in which members are either experts in construction sector or Blockchain field via a written structured interview questionnaire. The evaluation result has demonstrated the superior of proposed framework for sorting out the automatic interim payment with the presence of a general contractor and one nominated subcontractor as well as solving the delay responsibility between a client and a general contractor and implementation of subsequent contractual events.
Apply Smart Blockchain Framework in the Construction Contract Management
Lecture Notes in Civil Engineering
Reddy, J. N. (editor) / Wang, Chien Ming (editor) / Luong, Van Hai (editor) / Le, Anh Tuan (editor) / Son, Pham Vu Hong (author) / Lien, Pham Ngoc (author)
The International Conference on Sustainable Civil Engineering and Architecture ; 2023 ; Da Nang City, Vietnam
2023-12-12
9 pages
Article/Chapter (Book)
Electronic Resource
English
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