A Review on Blockchain Operations in Construction Management

Year 2023, Volume: 8 Issue: 2, 146 - 152, 08.07.2023

Bassant Sayed , Hasan Volkan Oral

https://doi.org/10.47481/jscmt.1244244

Abstract

This study investigates the important role that the blockchain plays to manage the information about who did what and when and hence provides a strong base for any legal potential conflicts. Blockchain technology permits you to distribute, encrypt, and secure the records of digital transactions. In addition, bitcoin and other cryptocurrencies are encompassed in it. Even though the construction industry has traditionally been a late user of innovative technology compared to other sectors of the economy, it faces various hurdles in terms of trust, accessibility, information sharing, and process automation. As a result, stakeholders, clients, subcontractors, contractors, and suppliers have been unable to work together effectively. Even if building information modeling is employed, which envisions a centralized building, the primary benefit of blockchain is the secure storage of sensitive sensor data

Keywords

BIM, Digital signatures, Hash function, Smart contracts, Merkle tree, Nodes

A Review on Blockchain Operations in Construction Management

Abstract

This study investigates the important role that the blockchain plays to manage the information about who did what and when and hence provides a strong base for any legal potential conflicts. Blockchain technology permits you to distribute, encrypt, and secure the records of digital transactions. In addition, bitcoin and other cryptocurrencies are encompassed in it. Even though the construction industry has traditionally been a late user of innovative technology compared to other sectors of the economy, it faces various hurdles in terms of trust, accessibility, information sharing, and process automation. As a result, stakeholders, clients, subcontractors, contractors, and suppliers have been unable to work together effectively. Even if building information modeling is employed, which envisions a centralized building, the primary benefit of blockchain is the secure storage of sensitive sensor data.

Keywords

BIM, digital signatures, hash function, smart contracts, merkle tree, nodes

References

• 1. Wang, J., Wu, P., Wang, X., & Shou, W. (2022). The outlook of blockchain technology for construction engineering management. http://Creativecommons. Org/Licenses/by/4.0. [CrossRef]
• 2. Hultgren, M., & Pajala, F. (2020). Blockchain technology in construction industry transparency and traceability in supply chain. https://www.diva-portal.org/ smash/get/diva2:1229861/FULLTEXT01.pdf
• 3. Turk, Z., & Klinc, R. (Apr 10, 2022). Potentials of blockchain technology for construction management. potentials of blockchain technology for construction management. https://www.sciencedirect.com/sci- ence/article/pii/S187770581733179X
• 4. Shackelford, S. J., & Myers, S. (2017). Block-by-block: leveraging the power of blockchain technology to build trust and promote cyber peace. Yale JL & Technology. 19, 334. [CrossRef] 5. Adama, M. H., Salman, H., & Kouider, T. (2020). Blockchain in construction industry: Challenges and opportunities. 2020 International engineering conference and exhibition (IECE 2020).
• 6. Nanayakkara, S., Perera, P. and Perera, A. (2015). Factors incompatibility of selection and implementation of erp systems for construction organizations. International Journal of Computer Science & Technology, 6(3), 9–15.
• 7. Beck, R. (2018). Beyond bitcoin: The rise of the blockchain world. Computer, 51(2), 54–58. [CrossRef]
• 8. Lee, J. Y. (2019). A decentralized token economy: How blockchain and cryptocurrency can revolutionize business. Business Horizons, 62(6), 773– 784. [CrossRef]
• 9. Risius, M., & Spohrer, K. (2017). A blockchain research framework. Business & Information Systems Engineering, 59(6), 385-409. [CrossRef]
• 10. Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H., (2017). An overview of blockchain technology: Architecture, consensus, and future trends. In 2017 IEEE International Congress on Big Data (BigData Congress) (pp. 557–564). IEEE. [CrossRef]
• 11. Novotny, R. (2018). Blockchain and the construction industry: Hype or an industry innovation? - eSUB Construction Software.
• 12. Tekreeti, A. A. (Apr 12, 2022). Using blockchain as a project management device. https://bspace.buid. ac.ae/bitstream/handle/1234/1951/20171444.pd- f ?sequence=3&isAllowed=y
• 13. Burke, R. (2013). Project management: Planning and control techniques. Wiley.
• 14. Walker, A. (2015). Project management in construction. John Wiley & Sons.
• 15. Teresko, J. (2004). The PLM revolution. Industry Week, 253(2), 32–36.
• 16. Hewavitharana, T., Nanayakkara, S., & Perera, S. (2019). Blockchain as a project management platform. In Sandanayake, Y.G., Gunatilake, S. and Waidyasekara, A. (Eds). Proceedings of the 8th World Construction Symposium: Towards a Smart, Sustainable and Resilient Built Environment, 8-10 November 2019, Colombo, Sri Lanka (pp. 137–146). [CrossRef]