This page has only limited features, please log in for full access.
The construction industry has dynamic supply chains with multiple suppliers usually engaged in short-term relationships. Government legislation, novel types of payment agreements, conventional information technology solutions, and supply chain management best practices have endeavoured to solve payment-related financial issues in the construction industry, which are mainly caused by the complexities of the construction supply chain. Nevertheless, payment-related issues persist as one of the key challenges in the industry. Applications of blockchain technology–a trusted, distributed data storing mechanism–along with smart contracts are gaining focus as solutions for complex interorganisational processes. A smart contract is a self-executing script that codifies a set of rules or agreements between multiple parties and runs across the blockchain network. This paper identifies the suitability of blockchain and smart contract technologies in solving payment issues in the construction industry. An expert forum of construction industry stakeholders served as the primary data collection method through a structured questionnaire. The key finding of the paper is that blockchain and smart contract powered solutions can significantly mitigate the payment and related financial issues in the construction industry, including partial payments, nonpayments, cost of finance, long payment cycle, retention, and security of payments.
Samudaya Nanayakkara; Srinath Perera; Sepani Senaratne; Geeganage Weerasuriya; Herath Bandara. Blockchain and Smart Contracts: A Solution for Payment Issues in Construction Supply Chains. Informatics 2021, 8, 36 .
AMA StyleSamudaya Nanayakkara, Srinath Perera, Sepani Senaratne, Geeganage Weerasuriya, Herath Bandara. Blockchain and Smart Contracts: A Solution for Payment Issues in Construction Supply Chains. Informatics. 2021; 8 (2):36.
Chicago/Turabian StyleSamudaya Nanayakkara; Srinath Perera; Sepani Senaratne; Geeganage Weerasuriya; Herath Bandara. 2021. "Blockchain and Smart Contracts: A Solution for Payment Issues in Construction Supply Chains." Informatics 8, no. 2: 36.
Blockchain technology was introduced more than a decade ago, and it has already begun to disrupt traditional business processes. After the recognition gained by Blockchain 1.0 for cryptocurrency transactions and Blockchain 2.0 for financial applications, there is a high demand for Blockchain 3.0, which focuses on using blockchain for various applications in industries other than finance. There are a plethora of permissioned and permissionless blockchain platforms that are available in the industry, and some could be used to develop an enterprise system. As a result, selection of a suitable blockchain platform to develop an enterprise system has become extremely difficult. This paper introduces a methodology for selection of a suitable blockchain platform for resolving industry or enterprise issues where blockchain provides a plausible solution. The methodology comprised of four stages; identification, selection, evaluation and validation. Initially, the available blockchain platforms are identified, followed by selecting a suitable blockchain platform using a multi-criteria decision-making method such as Simple Multi Attribute Rating Technique (SMART). Subsequently, the selected system is evaluated in detail considering the system architecture, libraries, tools, domain-specific applications and capability analysis of the selected blockchain platform. The proposed methodology has been validated through developing a blockchain-based enterprise solution. The process protocol introduced in this study could be used by any stakeholder to select a suitable blockchain platform to develop a blockchain application despite its scale.
Samudaya Nanayakkara; M.N.N. Rodrigo; Srinath Perera; G.T. Weerasuriya; Amer A. Hijazi. A methodology for selection of a Blockchain platform to develop an enterprise system. Journal of Industrial Information Integration 2021, 23, 100215 .
AMA StyleSamudaya Nanayakkara, M.N.N. Rodrigo, Srinath Perera, G.T. Weerasuriya, Amer A. Hijazi. A methodology for selection of a Blockchain platform to develop an enterprise system. Journal of Industrial Information Integration. 2021; 23 ():100215.
Chicago/Turabian StyleSamudaya Nanayakkara; M.N.N. Rodrigo; Srinath Perera; G.T. Weerasuriya; Amer A. Hijazi. 2021. "A methodology for selection of a Blockchain platform to develop an enterprise system." Journal of Industrial Information Integration 23, no. : 100215.