Leveraging Blockchain Technology in the Construction Industry

Abstract

Taking into account the significance and hurdles of blockchain technology in construction work, the current study examines the potential of blockchain technology in the construction industry and how this disruptive technology could revamp construction projects. Using blockchain to simplify the contractual processes and paperwork associated with these complex projects could save money, free up valuable resources, and accelerate project completion. The blockchain records are tamper-proof, which will help enforce work compliance and discourage potential record fabrication. As a result, it makes sense to begin focusing on blockchain convergence efforts in these sectors and then extend them as the technology improves.