Digital Transformation and Disruptive Technologies: Effect of Blockchain on Managing Construction Projects

Abstract

Blockchain technology has major advantages in improving management processes in many industries, such as increasing the security and trust level, protecting data from forgery, and decreasing transaction costs. The paper discusses the impact of blockchain technology as a digital transformer on construction projects and improving management processes and its effects across the four elements: Business, Technology, Industry, and Society. The construction industry deals with many other entities with a large volume of transactions, creating a great environment to utilize blockchain technology to improve these processes. This study aims to determine the impact of blockchain technology on project management in the construction industry. Therefore, the collected data is from secondary data as there have been few cases discussing the implementation of blockchain within the construction industry, which significantly impacts project management through an efficient monetary exchange, building information modeling, smart contracts, and increased supply chain management transparency. As a result, blockchain technology has a positive impact and the ability to increase the efficiency of the construction project management process. This research has intelligibly discussed the importance of digital transformation in the present time, as well as the role of blockchain technology in the construction field along with project management.