Revolutionising AEC financial system within project delivery stages: a permissioned blockchain digitalised framework

Sepehr Abrishami, Faris Ali Khairy Elghaish

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

Extant literature accentuates the potential of blockchain in the Architectural, Engineering, and Construction (AEC) industry, and its prospective to be integrated into the construction projects to automate financial transactions; for better transparency, security, and controlling. Existing research highlights that permissioned blockchain can work as a platform to create a business network among project participants, due to its features being consistent with the construction industry nature. This paper introduces a framework to integrate permissioned blockchain, particularly Hyperledger fabric, into the construction delivery stages. The proposed framework includes specific steps, demonstrating the requirements to build a network within the pre-construction, construction, and closeout stages. Furthermore, the proposed framework reveals the flow of financial transactions throughout the proposed financial system. Due to the Building Information Modelling/Management (BIM) capabilities and cost planning, the proposed framework shows how the integration between blockchain and BIM processes can be achieved. Therefore, the framework identifies the required data from 4D/5D BIM to be entered into the blockchain financial system. A systematic literature review was used to highlight the advantages of using blockchain in the construction industry, as well as, identifying the appropriate blockchain platform. The framework can be used by industry practitioners to identify the architecture of smart contracts (chaincode) in the construction industry, such as how endorsement and validation policies can be articulated. The outcome of this paper will be used to develop a proof of concept prototype to test and validate the applicability of the proposed conceptual framework through its application to a real case study.
Original languageEnglish
Title of host publication36th CIB W78 2019
Subtitle of host publicationICT in Design, Construction and Management in Architecture, Engineering, Construction and Operations (AECO)
PublisherInternational Council for Research and Innovation in Building and Construction
Pages199-210
Publication statusPublished - 18 Sep 2019
Event36th CIB W78 2019 Conference: ICT in Design, Construction and Management in Architecture, Engineering, Construction and Operations - Newcastle, United Kingdom
Duration: 18 Sep 201920 Sep 2019
http://cibw78.northumbria-eee.co.uk/

Conference

Conference36th CIB W78 2019 Conference
CountryUnited Kingdom
CityNewcastle
Period18/09/1920/09/19
Internet address

Keywords

  • BIM
  • Blockchain
  • Hyperledger
  • AEC
  • Construction

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