Smart Contract: Is it Really Smart in Construction?

Liupengfei WU; Weisheng LU; Rui ZHAO; Fan XUE

doi:10.1007/978-981-19-5256-2_59

Smart Contract: Is it Really Smart in Construction?

Liupengfei WU^*
, Weisheng LU
, Rui ZHAO
, Fan XUE

^*Corresponding author for this work

Research output: Book Chapters | Papers in Conference Proceedings › Conference paper (refereed) › Research › peer-review

Abstract

A smart contract is a protocol that can self-execute when predefined conditions are met. This new technology is considered destructive and can transfer the construction industry. In Blockchain 2.0, the combined use of blockchain and smart contracts allows users to express business logic to achieve more advanced transactions. This research aims to critically analyze the challenges, progresses, and benefits of smart contracts in construction through a systematic literature review to address whether it is smart. The findings suggested that numerous progress had been made to address the challenges of smart contracts. Besides, the benefits of smart contracts have attracted the construction industry. The research findings can open the avenue for researchers and construction practitioners to understand the impacts of the salient features of smart contracts and determine appropriate application areas.

Original language	English
Title of host publication	Proceedings of the 26th International Symposium on Advancement of Construction Management and Real Estate
Editors	Hongling GUO, Dongping FANG, Weisheng LU, Yi PENG
Publisher	Springer Singapore
Pages	751-759
Number of pages	9
ISBN (Electronic)	9789811952562
ISBN (Print)	9789811952555
DOIs	https://doi.org/10.1007/978-981-19-5256-2_59
Publication status	Published - 2022
Externally published	Yes
Event	26th International Symposium on Advancement of Construction Management and Real Estate - Beijing, China Duration: 20 Nov 2021 → 22 Nov 2021

Publication series

Name	Lecture Notes in Operations Research
ISSN (Print)	2731-040X
ISSN (Electronic)	2731-0418

Symposium

Symposium	26th International Symposium on Advancement of Construction Management and Real Estate
Country/Territory	China
City	Beijing
Period	20/11/21 → 22/11/21

Bibliographical note

Publisher Copyright:
© The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2022.

Keywords

Blockchain
Construction industry
Disruptive technology
Self-execution
Smart contracts

Access to Document

10.1007/978-981-19-5256-2_59

Cite this

@inproceedings{54d77c610fea43d68bdcb6991247424b,

title = "Smart Contract: Is it Really Smart in Construction?",

abstract = "A smart contract is a protocol that can self-execute when predefined conditions are met. This new technology is considered destructive and can transfer the construction industry. In Blockchain 2.0, the combined use of blockchain and smart contracts allows users to express business logic to achieve more advanced transactions. This research aims to critically analyze the challenges, progresses, and benefits of smart contracts in construction through a systematic literature review to address whether it is smart. The findings suggested that numerous progress had been made to address the challenges of smart contracts. Besides, the benefits of smart contracts have attracted the construction industry. The research findings can open the avenue for researchers and construction practitioners to understand the impacts of the salient features of smart contracts and determine appropriate application areas.",

keywords = "Blockchain, Construction industry, Disruptive technology, Self-execution, Smart contracts",

author = "Liupengfei WU and Weisheng LU and Rui ZHAO and Fan XUE",

note = "Publisher Copyright: {\textcopyright} The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2022.; 26th International Symposium on Advancement of Construction Management and Real Estate ; Conference date: 20-11-2021 Through 22-11-2021",

year = "2022",

doi = "10.1007/978-981-19-5256-2\_59",

language = "English",

isbn = "9789811952555",

series = "Lecture Notes in Operations Research",

publisher = "Springer Singapore",

pages = "751--759",

editor = "Hongling GUO and Dongping FANG and Weisheng LU and Yi PENG",

booktitle = "Proceedings of the 26th International Symposium on Advancement of Construction Management and Real Estate",

address = "Singapore",

}

WU, L, LU, W, ZHAO, R & XUE, F 2022, Smart Contract: Is it Really Smart in Construction? in H GUO, D FANG, W LU & Y PENG (eds), Proceedings of the 26th International Symposium on Advancement of Construction Management and Real Estate. Lecture Notes in Operations Research, Springer Singapore, pp. 751-759, 26th International Symposium on Advancement of Construction Management and Real Estate, Beijing, China, 20/11/21. https://doi.org/10.1007/978-981-19-5256-2_59

Smart Contract: Is it Really Smart in Construction? / WU, Liupengfei; LU, Weisheng; ZHAO, Rui et al.
Proceedings of the 26th International Symposium on Advancement of Construction Management and Real Estate. ed. / Hongling GUO; Dongping FANG; Weisheng LU; Yi PENG. Springer Singapore, 2022. p. 751-759 (Lecture Notes in Operations Research).

Research output: Book Chapters | Papers in Conference Proceedings › Conference paper (refereed) › Research › peer-review