Challenges and solutions across project life cycle: a knowledge sharing perspective

Leveraging Smart Contract in Project Procurement through DLT to Gain Sustainable Competitive Advantages

“…Governments have started integrating e-procurement into their traditional public procurement phases to acquire higher transparency, take advantage of increased competition, and uplift the procurement efficiency [21]. Information and communication technology (ICT) facilitates business process digitalisation and automation [22]. Purchasing requires both internal and external connections.…”

“…These two digital tokens underpin the smart contract digital application. "Ethereum is one of the most popular decentralised platforms for smart contract applications" [22]. Tso et al [35] provide the main reason for this by referring to Ethereum's characteristics.…”

“…Additionally, it has been stated that smart contract and Blockchain concepts can be a platform to carry out P2P transaction not only on the basis of money but also on different tangible assets and properties. The verification system of blocks and transparency of distributed ledgers create a trust-based relationship which allows for the exchange of tangible and intangible assets between peers, even though they have not had an interaction yet [22,41].…”

“…Chang et al [22] discuss the low efficiency of the current supply chain processes. First of all, they indicated the poor synchronisation and the coordination problems in particular as the root causes of low efficiency.…”

“…Even though the DLT-based smart contract application is convenient for project-based companies to increase project procurement efficiency, it has drawbacks in different fields [6]. Chang et al [22] imply a set of imperfections for which smart contract and Blockchain technology need still time to develop. "These challenges include legal issues, lack of standards and protocols, privacy issues, and error intolerance" [22].…”