June 2021 Online Chapter Meeting
Blockchain Technology in Project Management
This presentation addresse s the implementation of smart contracts by integrating Building Information
This presentation addresse s the implementation of smart contracts by integrating Building Information
Modeling and blockchain. After briefly reviewing the concepts of blockchain technology, smart contracts,
and integration of the BIM and blockchain, a blockchain network using Hyperledger fabric is proposed
and tested to govern a sample construction project. The proposed framework does not utilize the
cryptocurrency aspect of the blockchain as the payment form. Instead, it discusses the integration of the
current banking system and the use of fiat currencies in transactions. Th
is presentation
show
s
that
blockchain is a viable system for governing construction project contracts by automating the
consequences of each transaction and maintaining a tamper proof record of project progress, which
would be valuable in any kind of dispute resolution. The blockchain network
introduced
in this
presentation
implements the smart contract as its network operation logic. As a result, the notion of
translat
ing
all the traditional contract clauses to the computer program is shown to be unnecessary and
to some extent not suitable for construction, due to the complexity, fluidity, and high uncertainties
involved in each project.
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