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

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

Amir Faraji - Assistant Professor of Construction Project Management, faculty of Architecture,KHATAM University

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

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https://www.civilica.com/Paper-SECM03-SECM03_175.html
COI code: SECM03_175

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Faraji, Amir, 2019, Smart Contract Based Conceptual Model for Optimizing Risk Distribution in Construction Industry, rd International Conference on Applied Researches in Structural Engineering and Construction Management (secm2019), تهران, دانشگاه صنعتي شريف, https://www.civilica.com/Paper-SECM03-SECM03_175.htmlInside the text, wherever referred to or an achievement of this article is mentioned, after mentioning the article, inside the parental, the following specifications are written.
First Time: (Faraji, Amir, 2019)
Second and more: (Faraji, 2019)
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