Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/228771
Title: POTENTIAL OF BLOCKCHAIN TECHNOLOGY IN CONSTRUCTION PROGRESS PAYMENTS
Authors: LIM HUI QIN BILLIE
Keywords: Blockchain
construction
smart contracts
payments
automation
Issue Date: 2022
Citation: LIM HUI QIN BILLIE (2022). POTENTIAL OF BLOCKCHAIN TECHNOLOGY IN CONSTRUCTION PROGRESS PAYMENTS. ScholarBank@NUS Repository.
Abstract: The term “Blockchain” is frequently associated with cryptocurrencies. However, its decentralised nature, data immutability and adaptability allows for application in a wide range of use cases that extends beyond traditional finance to the supply chain ecosystem, governmental voting system and in this case, fintech and payments. Despite many studies being done on the potential of blockchain technology in the finance, FinTech as well as Blockchain-led transformation of business and government, there has been little done to examine the effects and application of Blockchain technology in the construction sector, especially in the Singapore local context. During my research, little can be found in terms of existing or future adoption of Blockchain technology in Singapore’s construction sector - which signals to me that our local construction sector has not quite caught up with this technology yet - as the industry usually is late to any new forms of technology as compared to other sectors. This dissertation hence sets out to study the possible use of Smart Contracts and Blockchain enabled technology to eliminate the reliance on centralised and heavily intermediated mechanisms of existing payment systems used in construction projects. This innovative use of smart contracts in payments processing bypasses the need for a middleman, processes verified data on the progress of construction work, and automates payment based on pre-qualified conditions, building trust between business partners over the course of the project. This research goes in-depth to analyse ineffective cash flow as a major cause of construction project failures as well as the use of blockchain-enabled solution based payment mechanisms to effectively mitigate this issue.
URI: https://scholarbank.nus.edu.sg/handle/10635/228771
Appears in Collections:Bachelor's Theses

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