Digital transformation using blockchain technology in the construction industry

ABSTRACT

The construction industry has long been challenged for embracing the opportunities presented by emerging technologies to improve its productivity. This study aims to examine the readiness of the construction industry toward the adoption of blockchain technology (BT) and discusses how this disruptive technology could revolutionize for high productivity. This study has involved the approach of phenomenology with six-experienced professionals for understanding the readiness of the construction industry to adopt BT. After this, the study identifies the sequential procedural steps required for the successful implementation of blockchain solutions for application within the construction industry. The results revealed how BT can help the construction industry to achieve high productivity taking situational instances of Payments in Project Management (PPM), Procurements in Supply Chain Management (PSCM), and Building Information Modeling (BIM) using Smart Asset Management (SAM). This study contributes to the designing of effective and practical steps to realize its fast adoption.

Acknowledgments

We are grateful to Prof. Gaurav Bansal, Editor-in-Chief of the journal for his insightful suggestions. Further, we are also thankful to the Associate Editor Dr. Ron Kwok, and anonymous reviewers for their valuable comments, which helped us to add value to this paper.

Additional information

Notes on contributors

Anand Prakash

Dr. Anand Prakash is an Associate Professor at School of General Management (SOGM), National Institute of Construction Management & Research (NICMAR), Pune, India. He has more than 16 years of strong experience in reputed organizations and academics. He is engaged in post-graduate teaching, guidance to research scholars and undertakes projects. He has published a number of papers in scholarly peer reviewed international journals. His research interest includes Project Management, Risk Management, Supply Chain Management, Service Quality, and applications of tools and techniques of Statistics & Quantitative Methods.

Sudhir Ambekar

Dr. Sudhir Ambekar is an Associate Professor at School of General Management, National Institute of Construction Management and Research (NICMAR), Pune, India. He is a Fellow of the Indian Institute of Management, Indore. His research interests are in the areas of Supply Chain Management, ICT Adoption, Sustainable Sourcing and Modelling using Multi Agent System. He has published his work in various scholarly peer reviewed international journals.