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Smart Contract: Is it Really Smart in Construction?

In: Proceedings of the 26th International Symposium on Advancement of Construction Management and Real Estate

Author

Listed:
  • Liupengfei Wu

    (University of Hong Kong)

  • Weisheng Lu

    (University of Hong Kong)

  • Rui Zhao

    (University of Hong Kong)

  • Fan Xue

    (University of Hong Kong)

Abstract

A smart contract is a protocol that can self-execute when predefined conditions are met. This new technology is considered destructive and can transfer the construction industry. In Blockchain 2.0, the combined use of blockchain and smart contracts allows users to express business logic to achieve more advanced transactions. This research aims to critically analyze the challenges, progresses, and benefits of smart contracts in construction through a systematic literature review to address whether it is smart. The findings suggested that numerous progress had been made to address the challenges of smart contracts. Besides, the benefits of smart contracts have attracted the construction industry. The research findings can open the avenue for researchers and construction practitioners to understand the impacts of the salient features of smart contracts and determine appropriate application areas.

Suggested Citation

  • Liupengfei Wu & Weisheng Lu & Rui Zhao & Fan Xue, 2022. "Smart Contract: Is it Really Smart in Construction?," Lecture Notes in Operations Research, in: Hongling Guo & Dongping Fang & Weisheng Lu & Yi Peng (ed.), Proceedings of the 26th International Symposium on Advancement of Construction Management and Real Estate, pages 751-759, Springer.
    • Handle: RePEc:spr:lnopch:978-981-19-5256-2_59
    DOI: 10.1007/978-981-19-5256-2_59
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