Smart Contracts and Supply Chain Management Using Blockchain

Abstract

With a Fourth Industrial Revolution making inroads, encompassing all sectors of the industry with numerous concepts of disruptive technology such as Artificial Intelligence, Blockchain, Virtual and Augmented Reality, Internet of Things (IoT), Robotics and 3D Printing we have barely scratched the surface of its Scope, Implication, and Applications in various branches of the Construction Industry. This research aims to investigate the potential of Blockchain technology in the context of Smart Contracts and Supply chain management (SCM) applications in the construction sector. Most of the time, cost overruns have been attributed to the sluggish pace of contractual impediments or inefficacy of material and machinery procurement processes. The executive of material and data stream is a crucial need for development organizations. Effective execution in these regions can give significant benefits and permit more main incentives for customers. The industry is regularly censured for being delayed to grasp the change it needs and at the exact moment has been referred to as ready for the interruption because of the intricacy of work and a sheer number of guidelines and gauges, trust and check issues in regards to consistency to work principles still loom to a great extent. The momentum built by BIM infusion in the industry could be leveraged to bring Blockchain technology to the fore to mitigate Information Asymmetry by -distributing information to generate decentralized consensus building among various stakeholders involved.