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http://dx.doi.org/10.13161/kibim.2021.11.1.001

Construction Contract Management Framework Using the Blockchain Technology  

Chui, Jinrui (부산대학교)
Moon, Sungwoo (부산대학교 토목공학과)
Publication Information
Journal of KIBIM / v.11, no.1, 2021 , pp. 1-10 More about this Journal
Abstract
Blockchain is a secure technology that enables transactions between parties without risking data corruption. Besides cryptocurrencies, blockchain technology is being widely adopted in various forms by diverse industries. One promising application is construction contracts. Given that construction projects are executed under strict contractual requirements, blockchain technology-based contracts can ensure that contractual requirements are executed among parties to the contract. The objective of this study is to apply blockchain technology to smart construction contracts and determine their potential feasibility in construction management. In this study, a prototype smart construction contract is presented and its applicability is explored. We conclude that smart construction contracts can be effective as a contractual tool to enhance payment flows in the construction process.
Keywords
Blockchain; Smart Construction Contract; Contractual Parties; Contractual Requirement; Payment;
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