Preliminary study: blockchain and its challenge in the construction industry

Rosli, Muhammad Ariff Najmie and Che Haron, Roziha (2024) Preliminary study: blockchain and its challenge in the construction industry. Research in Management of Technology and Business (RMTB), 5 (1). pp. 1627-1640. E-ISSN 2773-5044

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Abstract

Despite the growing complexity of construction projects, stemming from diverse disciplines, the risk of human error and delay continues to escalate. Malaysia's construction industry needs to develop new organizational and efficiency tools to gain a competitive advantage. The Construction 4.0 Strategic Plan identifies 12 disruptive technologies, including blockchain, which is a key area for advancement. Blockchain is a decentralized ledger technology that secures, verifies, and maintains transactions on a peer-to-peer network. Despite blockchain's potential benefits fo the construction industry and its status as a disruptive innovation, its adoption rate has not met market expectations. This is dueto the lack of understanding and support for blockchain technology, as well as the absence of transparent laws and regulations, contribute to the slow adoption. In addition, the high investment costs and slowstakeholder receptivity also hinder the full adoption of blockchain in the construction industry. Therefore, the purpose of this study is to provide a preliminary understanding of blockchain technology and its challenges in adoption for the construction industry.

Item Type:	Article (Case Report)
Uncontrolled Keywords:	Complexity, 12 Disruptive Technologies, Blockchain, Decentralized Ledger, Disruptive Innovation, Challenge, Adoption.
Subjects:	T Technology > T Technology (General) > T10.5 Communication of technical information
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Architecture and Environmental Design Kulliyyah of Architecture and Environmental Design > Department of Quantity Surveying
Depositing User:	Roziha Binti Che Haron
Date Deposited:	02 Sep 2024 10:06
Last Modified:	02 Sep 2024 10:06
URI:	http://irep.iium.edu.my/id/eprint/114176

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