Construction cost management using blockchain and encryption

Cheng, Jack Chin Pang; Líu, Hao; Gan, Vincent J.L.; Das, Moumita; Tao, Xingyu; Zhou, Shanjing

doi:10.1016/j.autcon.2023.104841

Cited by 20 publications

(7 citation statements)

References 40 publications

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“…It gives details on the amount that each team will have to pay based on a dashboard that was created using a formula for each index. The advantage is that, whereas production-related fines have historically been calculated, managementrelated fines have never been computed [38][39][40]. One of the advantages of the Ms. Project display is that details that were previously only partially published have now been disclosed by the project in full, even though production is not solely to blame for the delay.…”

Section: Discussionmentioning

confidence: 99%

Reinventing Formulas for Construction Project Delay Index Due to Management and Production

Luthan,

Sitanggang,

Syafriandi

2023

HighTech. Innov. J.

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The objective of this study is to construct a precise formula for the management and production delay indicators that are integrated into Ms. Project's dashboard. Two simulation techniques, such as the manual formula computation and calculation integrated into the Ms. Project dashboard, were employed. Due to management and the production team's tardiness, the data were obtained through trial-and-error methods. Excel was used to analyze the data, and Ms. Project was used to enter the calculations. The research showed that the Ms. Project dashboard formula gave more detailed information about the construction project, including: (1) contract value; (2) actual progress value during monitoring; (3) value of plan progress during monitoring; (4) progress deviation; (5) cause of delay; and (6) management delay index and production delay index. The novelty of this study is that project delays have traditionally been held against the production party (contractor), whereas implementation delays have never been taken against the management party (consultant). However, using this method makes it evident who is responsible for a project delay, whether it comes from management (a consultant) or the manufacturing side (a contractor). Doi: 10.28991/HIJ-2023-04-04-06 Full Text: PDF

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Section: Discussionmentioning

confidence: 99%

Reinventing Formulas for Construction Project Delay Index Due to Management and Production

Luthan,

Sitanggang,

Syafriandi

2023

HighTech. Innov. J.

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“…These features improve the operational efficiency and security of the emergency industry chain, thus bolstering the financial stability of enterprises. Blockchain establishes a decentralized system, simplifying the centralized management processes of traditional emergency industries and reducing costs (Cheng et al, 2023). The shared nature of blockchain technology facilitates resource sharing between enterprises and governments, reducing redundant procurement and resource wastage, and achieving cost savings and profit enhancement.…”

Section: Imds 1244mentioning

confidence: 99%

Assessing impacts of emergency industry demonstration on firm profitability: the role of blockchain strategies and technologies

Ju,

Yang,

et al. 2024

IMDS

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PurposeThe objective of this study is to explore the impact of a government-supported initiative for operational security, specifically the establishment of the national security emergency industry demonstration base, on the profitability of local publicly traded companies. Additionally, the study investigates the significance of firms' blockchain strategies and technologies within this framework.Design/methodology/approachUsing the differences-in-differences (DID) approach, this study evaluates the impact of China's national security emergency industry demonstration bases (2015–2022) on the profitability of local firms. Data from the China Research Data Service (CNRDS) platform and investor Q&As informed our analysis of firms' blockchain strategy and technology, underpinned by detailed data collection and a robust DID model.FindingsEmergency industry demonstration bases have notably boosted enterprise profitability in both return on assets (ROA) and return on equity (ROE). Companies adopting blockchain strategies and operational technology see a clear rise in profitability over non-blockchain peers. Additionally, the technical operation of blockchain presents a more pronounced advantage than at the strategic level.Originality/valueWe introduced a new perspective, emphasizing the enhancement of corporate operational safety and financial performance through the pathway of emergency industry policies, driven by the collaboration between government and businesses. Furthermore, we delved into the potential application value of blockchain strategies and technologies in enhancing operational security and the emergency industry.

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“…A study on blockchain technology indicates that it has impacted confidence and transparency in the realm of construction projects [25]. There has also been tremendous usage of GIS technology for the visualization of site conditions, offering significant advantages [26]. AR/VR, on the other hand, facilitates remote collaboration, provides real-time risk information, and helps monitor progress [27].…”

Section: Technologymentioning

confidence: 99%

Assessing the Digital Transformation Readiness of the Construction Industry Utilizing the Delphi Method

Naji,

Gunduz,

Alhenzab

et al. 2024

Buildings

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The rapid advancement of digital technology has enabled digital transformation across various sectors, including construction. The construction industry has long been associated with conventional, labor-intensive practices that can adversely influence the entire construction process. However, this culture is changing as key players in the sector are progressively identifying and embracing the vast opportunities and associated benefits of using digital tools and technologies to improve the performance and outcomes of the overall project lifecycle. To this end, this study uses the Delphi technique to identify 70 factors that contribute to the digital transformation of the construction industry, categorizing them into five groups: management, design, technology, policy, and infrastructure. Delphi analysis is used to examine the critical success factors for digital transformation identified in the literature and rate their importance during the preconstruction, construction, and facility management phases. Furthermore, this research results in the introduction of the Digital Transformation Level of Readiness Framework (DTRLF) to help facility management firms, clients, organizations, contractors, and designers comprehend the implementation of digital transformation within their respective domains and support decision-makers in establishing action to adapt related technologies in their respected project phases.

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Construction cost management using blockchain and encryption

Cited by 20 publications

References 40 publications

Reinventing Formulas for Construction Project Delay Index Due to Management and Production

Reinventing Formulas for Construction Project Delay Index Due to Management and Production

Assessing impacts of emergency industry demonstration on firm profitability: the role of blockchain strategies and technologies

Assessing the Digital Transformation Readiness of the Construction Industry Utilizing the Delphi Method

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