Evaluation of factors affecting the application of blockchain smart contracts in construction projects

Abstract

Understanding the benefits and suitability that Blockchain Smart Contracts can bring when applied will be the main driving force for strategic planners and decision makers to identify key areas of focus. will be suitable for developing business strategies and business policies. And promote broader adoption of Smart Contract Blockchains across the industry. This study explored and attempted to establish the important factors influencing the adoption of Blockchain Smart Contract technology in construction projects using a survey questionnaire. Studies show that, of the 25 factors that are said to promote the adoption of new technology, the top 5 factors are project transparency, convenient payment and quick disbursement, and reduced costs. intermediary costs, reduce contract disputes, and improve trust between contracting parties. This has the potential to make a huge contribution to the digitalisation and transformation of the construction industry and the way its supply chains operate.