Smart Contract Based Conceptual Model for Optimizing Risk Distribution in Construction Industry

AMIR FARAJI¹

1) Assistant Professor of Construction Project Management, faculty of Architecture, KHATAM University

Publication : 3rd International Conference on Applied Research in Structural Engineering and Construction Management(sharifsecm.ir)
Abstract :
Construction contracts are recognized as the most effective tools of risk sharing between parties in project. Also, recent developments of blockchain technology and smart contracts can bring many advantages and useful mechanisms for construction contract management because provide beds of autonomous implementation of predefined and pre-agreed legal terms and conditions based on network coding. In this research we explored characteristics of smart contracts and potential applications of this technology for contract risk management. Finally, using a questionnaire and obtaining expert opinions, a blockchain based model is proposed for contract administration with focus on risk distribution balancing.
Keywords : Smart Contract Construction Industry Blockchain Technology Risk Balance Law