Blockchain Technology for a Circular Built Environment

Abstract

AbstractThe built environment fundamentally suffers from organisational fragmentation in various aspects, such as data flow, finance, and supply chains. Blockchain technology can be considered a transformative solution to the inherent fragmentation of this industry. This chapter first defines the basics of blockchain technology to show how a peer-to-peer network could enable a decentralised, traceable, and immutable information system across the life cycles of built assets. Then, an overview of blockchain literature within the context of a circular economy, with real-life examples and the current state of blockchain adoption in the circular built environment, is presented, and the role that this technology plays in addressing certain circular strategies is discussed. Afterward, implementation challenges and incentives are identified to set realistic expectations regarding the capabilities of blockchain technologies. Emerging concepts within blockchain technologies are then presented to give insights into prospects beyond current literature and use cases in the circular built environment. Finally, the future of blockchain technology in a circular built environment is discussed to present the applicability of blockchain and its possible integration with other emerging digitalisation tools, such as building information modelling (BIM) and material passports, in wider domains of circular, smart cities and communities.