Intelligent Contracts and the Construction Industry

Mason, Jim

doi:10.1061/(asce)la.1943-4170.0000233

Cited by 117 publications

(105 citation statements)

References 7 publications

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“…time and cost), Boucher et al [35] suggest that they are best used for repetitive agreements and not one-off complex agreements, particularly where the contract is susceptible to change throughout the life of the contract. Once a smart contract has been coded and embedded into the blockchain, it becomes permanent, unchangeable and irrevocable [16]. In the event mistakes or vulnerabilities are written into the code due to lack of legal knowledge of the coder or simply human error, once the contract is uploaded to the blockchain it becomes unchangeable and will be executed exactly as it is coded [35].…”

Section: Smart Contractsmentioning

confidence: 99%

“…Coding smart contracts today to be executed in many years (i.e. wills or futures) is a challenge, particularly when external information sources may no longer exist [16].…”

Section: Smart Contractsmentioning

confidence: 99%

“…Central governance is inherent in society and blockchain technology aims to disrupt that entirely whether it be through revolutionising the finance industry by removing the need for banks or through changing the role of governments [21], [82]. Organisations and roles within them will change with the introduction of wholly automated and semi-automated organisations [16]. Corporate hierarchies will become much flatter and many roles will disappear entirely with new ones coming into being.…”

Section: Findings From the Systematic Literature Reviewmentioning

confidence: 99%

“…Blockchain is being explored for a number of different industries including, but not limited to health care [13], information sharing [14], information management, insurance, automated dispute resolution, real estate, [15], crowdfunding [16], big data analytics [17], and education [18].…”

Section: Introductionmentioning

confidence: 99%

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Blockchain in the built environment: analysing current applications and developing an emergent framework

Li¹,

Greenwood²,

Kassem³

2018

Creative Construction Conference 2018 - Proceedings

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Distributed ledger technology (DLT), commonly referred to as 'blockchain' and originally invented to create a peerto-peer digital currency, is rapidly attracting interest in other sectors. The aim in this paper is (1) to investigate the applications of DLT within the built environment, and the challenges and opportunities facing its adoption; and (2) develop a multi-dimensional emergent framework for DLT adoption within the construction sector.Key areas of DLT applications were found in: smart energy; smart cities and the sharing economy; smart government; smart homes; intelligent transport; Building Information Modelling (BIM) and construction management; and business models and organisational structures. The results showed a significant concentration of DLT research on the operation phase of assets. This is expected given the significant resources and lifespan associated with the operation phase of assets and their social, environmental and economic impact. However, more attention is required to address the current gap at the design and construction phases to ensure that these phases are not treated in isolation from the operational phase.An emergent framework combining the political, social and technical dimensions was developed. The framework was overlaid with an extensive set of challenges and opportunities. The structured and inter-connected dimensions provided by the framework can be used by field researchers as a point of departure to investigate a range of research questions from political, social or technical perspectives.

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Section: Smart Contractsmentioning

confidence: 99%

“…Coding smart contracts today to be executed in many years (i.e. wills or futures) is a challenge, particularly when external information sources may no longer exist [16].…”

Section: Smart Contractsmentioning

confidence: 99%

Section: Findings From the Systematic Literature Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Blockchain in the built environment: analysing current applications and developing an emergent framework

Li¹,

Greenwood²,

Kassem³

2018

Creative Construction Conference 2018 - Proceedings

View full text Add to dashboard Cite

show abstract

“…Thanks to its nature, many public administrations are taking interest in the technology implementation, supporting Blockchain initiatives, setting goals and pursuing approaches that keep up with the technology (Carson et al 2018;Kshetri 2018). Although various sectors are now exploring and testing Blockchain applications in their processes, its investigation in the construction sector is still meager and at a conceptual level (Mason 2017).…”

Section: Introductionmentioning

confidence: 99%

The Construction Contract Execution Through the Integration of Blockchain Technology

Giuda

Pattini

Seghezzi

et al. 2019

Digital Transformation of the Design, Construction and Management Processes of the Built Environment

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This paper aims to analyze the Blockchain level of implementation, focusing on the AEC sector that has always suffered from lack of trust, incomplete sharing, and transparency of information flow throughout the process execution. In this context, the progressive introduction of BIM based on the Blockchain technology can provide a trustworthy infrastructure for information management during the design, tender, and construction phases.

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Blockchain in the Construction Sector: A Socio-technical Systems Framework for the Construction Industry

Greenwood

Kassem

2018

Advances in Informatics and Computing in Civil and Construction Engineering

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Intelligent Contracts and the Construction Industry

Cited by 117 publications

References 7 publications

Blockchain in the built environment: analysing current applications and developing an emergent framework

Blockchain in the built environment: analysing current applications and developing an emergent framework

The Construction Contract Execution Through the Integration of Blockchain Technology

Blockchain in the Construction Sector: A Socio-technical Systems Framework for the Construction Industry

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