Perceptions in the construction industry of smart contracts

Abstract

This chapter draws together few studies examining the views and perceptions of construction industry professionals. It aims to portray a sense of the underlying attitudes and the range of understanding towards smart contracts and information technology more generally. Smart contracts are deemed desirable because they will save cost and time in automating certain aspects of construction project performance while saving cost and time in transaction arrangements. The knowledge gap identified will necessitate a lengthy and costly education to ensure people fully understand the technology and its potential before considering adoption. The study is akin to taking the temperature of a patient during a health check. The responses captured a reflection of the industry. The importance of definitions in legal scholarship and contract writing is of great importance. The last reference to the application to manufacturing processes echoes the constraint about the vast scope of variables that would be experienced on a wider construction project.