Implementation and Challenges of Utilizing the Smart Contracts Automation Tool in the Construction Industry
Publication: Construction Research Congress 2024
ABSTRACT
Construction contracts are often perceived as complex and lengthy documents, making information extraction significantly challenging. Smart contracts are recently introduced as an alternative to handle the contracts’ provisions, duties, and clauses. However, smart contracts are not yet widely adopted in the construction industry. This study reviewed the literature to understand smart contracts better and how they can benefit the construction industry. After that, the study utilized and designed an analytical approach-based quantitative survey to gather experts’ comments to evaluate the limited adoption of smart contracts in the construction industry. Study findings outlined the benefits and drawbacks of utilizing smart contracts, particularly emphasizing the Saudi Arabian construction industry and the challenges stakeholders must overcome. The study findings assessed the barriers to adopting smart contracts in the construction industry and will benefit the industry which is known for being slow to adopt new technologies.
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Construction Research Congress 2024
Pages: 155 - 165
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Published online: Mar 18, 2024
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