Development of a Blockchain Prototype for Collaborative Risk Assessment of Construction Projects
Publication: Computing in Civil Engineering 2023
ABSTRACT
This research explores the applicability of blockchain technology for collaborative risk assessment of capital projects through prototype development. Risk assessment is a collaborative process where project participants get together to assess and manage potential project risks. Different systems have been developed to support this collaborative risk assessment process. However, such systems are governed in a centralized manner and do not protect the confidentiality of individual inputs from the stakeholders. Moreover, the security and transparency of the data stored can become an issue as well. The research explains the development of a blockchain prototype to address the problems stated above. A private permissioned blockchain network has been configured so that risk-related information can be transacted in a secure, transparent, and trustable way. Smart contract algorithms have been developed to receive risk inputs from multiple stakeholders and update an aggregated output. The system architecture and the functionalities of the prototype are described in detail, and each step of the risk assessment process has been demonstrated on the prototype system. The research discusses the limitations of the current prototype and future work that can be done to improve collaborative risk assessment.
Get full access to this article
View all available purchase options and get full access to this chapter.
REFERENCES
Androulaki, E., et al. 2018. Hyperledger Fabric: A Distributed Operating System for Permissioned Blockchains. 1–15. https://doi.org/10.1145/3190508.3190538.
Chung, I. B., and C. Caldas. 2022a. “Applicability of Blockchain-Based Implementation for Risk Management in Healthcare Projects.” Blockchain in Healthcare Today, 5 (Special Issue): 1–10. https://doi.org/10.30953/bhty.v5.191.
Chung, I. B., and C. H. Caldas. 2022b. “Blockchain-Based Methodology for Collaborative Risk Assessment.” Construction Research Congress 2022: Computer Applications, Automation, and Data Analytics - Selected Papers from Construction Research Congress 2022, 2-B: 371–380. https://doi.org/10.1061/9780784483961.040.
CII. 2013. “Integrated Project Risk Assessment.”.
“Glossary — hyperledger-fabricdocs master documentation.” 2022. Accessed March 12, 2023. https://hyperledger-fabric.readthedocs.io/en/release-2.2/glossary.html#smart-contract.
Han, S. H., D. Y. Kim, H. Kim, and W. S. Jang. 2008. “A web-based integrated system for international project risk management.” Automation in Construction, 17 (3): 342–356. https://doi.org/10.1016/j.autcon.2007.05.012.
Hsueh, S. L., Y. H. Perng, M. R. Yan, and J. R. Lee. 2007. “On-line multi-criterion risk assessment model for construction joint ventures in China.” Automation in Construction, 16 (5): 607–619. https://doi.org/10.1016/j.autcon.2007.01.001.
Monzer, N., A. R. Fayek, R. Lourenzutti, and N. B. Siraj. 2019. “Aggregation-Based Framework for Construction Risk Assessment with Heterogeneous Groups of Experts.” Journal of Construction Engineering and Management, 145 (3): 04019003. https://doi.org/10.1061/(asce)co.1943-7862.0001614.
Nair, G. R., and S. Sebastian. 2017. “BlockChain Technology Centralised Ledger to Distributed Ledger.” International Research Journal of Engineering and Technology, 4 (3): 2395–56.
Nakamoto, S. 2008. Bitcoin: A Peer-to-Peer Electronic Cash System. https://doi.org/10.2139/ssrn.3440802.
Patterson, F. D., and K. Neailey. 2002. “A risk register database system to aid the management of project risk.” International Journal of Project Management, 20 (5): 365–374. https://doi.org/10.1016/S0263-7863(01)00040-0.
Shang, H., C. J. Anumba, D. M. Bouchlaghem, J. C. Miles, M. Cen, and M. Taylor. 2005. “An intelligent risk assessment system for distributed construction teams.” Engineering, Construction and Architectural Management, 12 (4): 391–409. https://doi.org/10.1108/09699980510608839.
Valentin, V., N. Naderpajouh, and D. M. Abraham. 2018. “Integrating the Input of Stakeholders in Infrastructure Risk Assessment.” Journal of Management in Engineering, 34 (6): 04018042. https://doi.org/10.1061/(asce)me.1943-5479.0000638.
Wust, K., and A. Gervais. 2018. “Do you need a blockchain?” Proceedings - 2018 Crypto Valley Conference on Blockchain Technology, CVCBT 2018, (i): 45–54. https://doi.org/10.1109/CVCBT.2018.00011.
Yaga, D., P. Mell, N. Roby, and K. Scarfone. 2019. Blockchain Technology Overview. National Institute of Standards and Technology. https://doi.org/10.6028/NIST.IR.8202.
Information & Authors
Information
Published In
History
Published online: Jan 25, 2024
ASCE Technical Topics:
- Asset management
- Business management
- Computer networks
- Computing in civil engineering
- Construction engineering
- Construction management
- Contracts and subcontracts
- Cyber security
- Disaster risk management
- Engineering fundamentals
- Financial management
- Information management
- Practice and Profession
- Project management
- Research and development
- Risk management
Authors
Metrics & Citations
Metrics
Citations
Download citation
If you have the appropriate software installed, you can download article citation data to the citation manager of your choice. Simply select your manager software from the list below and click Download.