Digital transformation using blockchain technology in the construction industry
Anand Prakash, Sudhir Ambekar
Abstract
The construction industry has long been challenged for embracing the opportunities presented by emerging technologies to improve its productivity. This study aims to examine the readiness of the construction industry toward the adoption of blockchain technology (BT) and discusses how this disruptive technology could revolutionize for high productivity. This study has involved the approach of phenomenology with six-experienced professionals for understanding the readiness of the construction industry to adopt BT. After this, the study identifies the sequential procedural steps required for the successful implementation of blockchain solutions for application within the construction industry. The results revealed how BT can help the construction industry to achieve high productivity taking situational instances of Payments in Project Management (PPM), Procurements in Supply Chain Management (PSCM), and Building Information Modeling (BIM) using Smart Asset Management (SAM). This study contributes to the designing of effective and practical steps to realize its fast adoption.