College - Author 1
College of Architecture and Environmental Design
Department - Author 1
Construction Management Department
Degree Name - Author 1
BS in Construction Management
Primary Advisor/Subject Matter Expert (SME)
Jason Hailer, College of Architecture and Environmental Design, Construction Management Department
In general, the construction industry has been pretty resistant to change. While most industries have gained in productivity over the years through implementation of new technologies and other factors, construction industry productivity has been on a steady decline since the 1960s. Even though there are a multitude of reasons for this, including more complex building types and a decline in the workforce, the major problem holding construction back are project management issues and alienation of project stakeholders in the construction process. Some improvements have been made to help with collaboration between parties, like BIM (building information modeling) and project management software like Procore and Plangrid, but there isn’t one application that pools information to share data between parties.
This is where blockchain can make a difference and help solve the collaboration problem. Blockchain is a peer-to-peer, controlled, distributed transactional database used to record and store lists of transactions (called blocks) that are verified through cryptography. This paper explores the emergence of blockchain, highlights the progressive companies implementing this technology in construction, and analyzes the best practices and applications needed for blockchain to succeed in the construction industry.