The impact of blockchain technology on the construction industry

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• Seattle-Tacoma International Modernizes, Expands North Satellite
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• Blockchain technology and BIM: Building-in proof
• Blockchain’s Impact on the Future of Real Estate and Construction Companies
• Mechanism Construction of Human Resource Management based on Blockchain Technology
• Eliminating waste at scale – opportunities for blockchain
• Blockchain Technology in the Construction Industry (ICE).pdf
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Seattle-Tacoma International Modernizes, Expands North Satellite

Blockchain technology has been recognized as one of the emerging technologies that can significantly innovate many industries. Major advantages of using blockchain technology includes reducing transaction costs, preventing data forgery and alteration, and further flexibility. The construction industry is generally considered as an industry that has great potentials for blockchain technology utilization mainly due to the high volume of transactions among various entities.

Despite the perceived positive impact, there have been few cases of blockchain applications within the construction industry. This study is conducted with an aim of finding ways to apply blockchain technology to the construction industry. In order to identify potential application areas, construction lifecycle and project management knowledge areas are used in developing a survey questionnaire.

Data collected from the survey is analyzed by employing importance performance analysis IPA method considering both applicability of the technology and anticipated impact from utilizing the technology.

Therefore, it is reasonable to start focusing blockchain convergence efforts these areas and then expand them as the technology matures. This is a preview of subscription content, access via your institution. Rent this article via DeepDyve. Google Scholar. Financial Security Institute The trend of blockchain utilization in domestic and foreign financial fields.

Financial Security Institute Development of blockchain application technology and case of introduction by industry. Guk KW Case study of application by blockchain technology and industry sector. Iris B The architecture, engineering, and construction industry and blockchain technology. Proceedings of national conference on digital technologies in architectural education and DADA international conference on digital architecture, September 9—10, Nanjing, China, — Kang MS a Confidence crisis in blockchain.

Kang SJ b Implication and development of blockchain technology and its implications. Proceedings of communications of the Korean institute of information scientists and engineers, December 12—23, Seoul, Korea. Kim SI A Study on preventing the unfair practice among participants in construction works. Kim JK Effects and implications of block chain on industry and international trade.

Korea Institute of Science and Technology Information Blockchain technology development strategy. Lee HR Construction of a sensor network framework based on blockchain technology with enhanced safety and privacy security for construction workers. Seoul Metropolitan Government Construction manual. Seoul Metropolitan Government, Seoul, Korea. Ziga T, Rober K Potential of blockchain technology for construction management.

Download references. You can also search for this author in PubMed Google Scholar. Correspondence to Sangbum Kim. Reprints and Permissions. Kim, K. Download citation. Received : 05 February Accepted : 12 May Published : 29 July Issue Date : September Anyone you share the following link with will be able to read this content:. Sorry, a shareable link is not currently available for this article. Provided by the Springer Nature SharedIt content-sharing initiative.

Skip to main content. Search SpringerLink Search. Abstract Blockchain technology has been recognized as one of the emerging technologies that can significantly innovate many industries.

Proceedings of national conference on digital technologies in architectural education and DADA international conference on digital architecture, September 9—10, Nanjing, China, — Kang MS a Confidence crisis in blockchain. Proceedings of communications of the Korean institute of information scientists and engineers, December 12—23, Seoul, Korea Kim SI A Study on preventing the unfair practice among participants in construction works.

Author information Affiliations Dept. View author publications. Rights and permissions Reprints and Permissions. About this article. Cite this article Kim, K. Copy to clipboard.

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For my Global Shapers application last year, I leaped completely outside the box and chose to focus on blockchain technology. Since then, cryptocurrencies and the blockchain technology that supports many of them has blown up on the mainstream internet. The purpose of blockchain technology is to decentralize the network; remove restrictions and the central point of reliance whilst increasing security and accountability. No one single user owns the environment, but all parties can have confidence in the content because of the validation exchanged among peers. I hope to use this information to stimulate the conversation about how blockchain will change our industry and where we could be looking to offer blockchain services to our clients to stay ahead of the game.

Blockchain technology and BIM: Building-in proof

For the real estate and construction industries, sensors, data and automation will increasingly define construction projects, as well as cityscapes. Illustrated by the fact that there are currently more than 1, on-going smart city projects around the world. The emergence of the connected city leads to many new possibilities—and challenges—for the real estate and construction industries. For example, how to integrate and leverage smart features, how to safeguard personal data and how to create a seamless interaction between various systems, including individual buildings and city infrastructure like transport and energy systems. I advise several blockchain companies and follow the evolving ecosystem closely. From personal experience it is clear that blockchain is about much more than cryptocurrencies and payment services. By , there will be recognized smart cities around the world and blockchain can underpin many, if not most, of the processes that will make those city scapes smart. The question becomes: if blockchain is going to be the foundation of smart cities, what does that mean for construction and real estate companies?

Blockchain’s Impact on the Future of Real Estate and Construction Companies

Home » The advantages of blockchain for the construction industry. Construction is one of the biggest and most important business sectors globally and is universally acknowledged as underpinning economic growth and productivity in most major nations. For this reason, the industry must embrace emerging technology and the advantages to be gained from digital processes, of which blockchain is one of the most immediately applicable. At the same time, however, the construction sector is inherently conservative, and some cultural obstacles need to be overcome before blockchain processes can be widely adopted.

Mechanism Construction of Human Resource Management based on Blockchain Technology

DOI : Blockchain technology has been recognized as one of the emerging technologies that can significantly innovate many industries. Major advantages of using blockchain technology includes reducing transaction costs, preventing data forgery and alteration, and further flexibility. The construction industry is generally considered as an industry that has great potentials for blockchain technology utilization mainly due to the high volume of transactions among various entities. Despite the perceived positive impact, there have been few cases of blockchain applications within the construction industry. This study is conducted with an aim of finding ways to apply blockchain technology to the construction industry.

Eliminating waste at scale – opportunities for blockchain

New technology, materials and techniques are vital in construction, and can create a healthy advantage over competitors if executed correctly. Blockchain and cryptocurrency are relatively new technologies, but their uses are being explored in just about everything. To understand the potential for blockchain and cryptocurrencies in the construction industry first requires understanding exactly what they are. These blocks are permanent; making a change to the blockchain means adding new blocks, not changing the blocks that already exist. Because of this, blockchain creates a permanent ledger that can be easily verified. Changes are tracked across a peer-to-peer network, making them visible in real-time, so users can see exactly when changes are made and by whom. In an age where verifiable truth can be hard to come by, blockchain provides a valuable source of reliability.

Blockchain Technology in the Construction Industry (ICE).pdf

Engrained practices in the sector will likely prolong widespread blockchain adoption. But over time, blockchain will have breakthrough applications for project management. The authors encourage organizations to explore and capitalize on this potential.

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That is the key finding of a new PwC report Time for trust: The trillion-dollar reason to rethink blockchain , assessing how the technology is being currently used and exploring the impact blockchain could have on the global economy. The analysis shows the potential for blockchain to support organisations in how they rebuild and reconfigure their operations underpinned by improvements in trust, transparency and efficiency across organisations and society. The report identifies five key application areas of blockchain and assesses their potential to generate economic value using economic analysis and industry research. The analysis suggests a tipping point in as blockchain technologies are expected to be adopted at scale across the global economy. Blockchain's success will depend on a supportive policy environment, a business ecosystem that is ready to exploit the new opportunities that technology opens, and a suitable industry mix. Across all continents, Asia will likely see the most economic benefits from blockchain technology.

We explore the rise and concept on blockchain technology in the construction industry, and how it can transform the industry. Many industries are slowly beginning to harness the technology which is having a possible impact despite the potential challenges that comes with it. The construction industry has traditionally been much slower at utilising new technologies and processes, and with blockchain technology this is no exception. Despite the above, there are many useful functions blockchain technology can bring to the industry which can help boost productivity and efficiency. An article, published by Harvard Business Review, highlighted some of the ways blockchain could transform the construction industry. Automating the contractual processes and paperwork would be of great assistance to free up money and valuable resources, whilst increasing the speed and efficiency of the overall project delivery. This can be achieved by utilising blockchain.

Blockchain technology claimed to have the potential to disrupt many aspects of how companies do business. And like other emerging technologies, I have been exploring its uses, benefits and assessing its potential opportunities in the construction industry. If like me, you have been wondering what it is and if its applications are limited to financial services and cryptocurrencies; you will be pleasantly surprised to discover that it has a lot more applications with exciting opportunities for our sector too.