Potential Applications of Blockchain and Crypto-Assets in Construction Industry & Management:- A Review
Dhaval K. Patel, Heli C Patel, Harsh A Patel, Karan Patel, Parshva M Patel · Zenodo (CERN European Organization for Nuclear Research) · 2021
The trusted exchange of data lies at the heart of many processes in the fourth industrial revolution. Blockchain technol-ogy (BCT) & Crypto Currencies (CC) promises to ensure that data is secure, decentralized, and immutable. As the Construction Industry is always a slow adopter of innovative technologies than other sectors of the economy, therefore facing many challenges in terms of Trust, transparency, information sharing, and process automation issues. Which has caused loose collaboration among stakeholders and clients sub-contractors, contractors, and suppli-ers. Also, the BCT & CC application lacks concrete and up to state-of-the-art applications in the Construction Industry. There-fore the primary intention of this paper is to scrutinize the poten-tial applications of the BCT & CC in the Construction Industry (CI) & Construction Management (CM). BCT was found to be one of the disrupting technology that has attracted interest from the academic and industrials aspects by demonstrating the capa-bilities and fulfilling the facilities to overcome the challenges faced by the Construction Industry. This paper also deals with the 6 dimensions of the BCT & CC in CI & CM, which improves Confidence, Performance, Speed & Project Management and re-duces Cost & Time.