TY - JOUR
T1 - Preparing construction supply chains for blockchain technology
T2 - An investigation of its potential and future directions
AU - Tezel, Algan
AU - Papadonikolaki, Eleni
AU - Yitmen, Ibrahim
AU - Hilletofth , Per
PY - 2020/12/1
Y1 - 2020/12/1
N2 - Blockchain, a peer-to-peer, controlled, distributed database structure, has the potential to profoundly affect current business transactions in the construction industry through smart contracts, cryptocurrencies, and reliable asset tracking. The construction industry is often criticized for being slow in embracing emerging technologies and not effectively diffusing them through its supply chains. Often, the extensive fragmentation, traditional procurement structures, destructive competition, lack of collaboration and transparency, low-profit margins, and human resources are shown as the main culprits for this. As blockchain technology makes its presence felt strongly in many other industries like finance and banking, this study investigates the preparation of construction supply chains for blockchain technology through an explorative analysis. Empirical data for the study were collected through semistructured interviews with 17 subject experts. Alongside presenting a strengths, weaknesses, opportunities, and threats analysis (SWOT), the study exhibits the requirements for and steps toward a construction supply structure facilitated by blockchain technology.
AB - Blockchain, a peer-to-peer, controlled, distributed database structure, has the potential to profoundly affect current business transactions in the construction industry through smart contracts, cryptocurrencies, and reliable asset tracking. The construction industry is often criticized for being slow in embracing emerging technologies and not effectively diffusing them through its supply chains. Often, the extensive fragmentation, traditional procurement structures, destructive competition, lack of collaboration and transparency, low-profit margins, and human resources are shown as the main culprits for this. As blockchain technology makes its presence felt strongly in many other industries like finance and banking, this study investigates the preparation of construction supply chains for blockchain technology through an explorative analysis. Empirical data for the study were collected through semistructured interviews with 17 subject experts. Alongside presenting a strengths, weaknesses, opportunities, and threats analysis (SWOT), the study exhibits the requirements for and steps toward a construction supply structure facilitated by blockchain technology.
KW - Blockchain
KW - Smart contract
KW - Supply chain management
KW - Project management
KW - Construction
U2 - 10.1007/s42524-020-0110-8
DO - 10.1007/s42524-020-0110-8
M3 - Article
VL - 7
SP - 547
EP - 563
JO - Frontiers of Engineering Management
JF - Frontiers of Engineering Management
SN - 2095-7513
IS - 4
ER -