Applications of Blockchain Technology in Civil Engineering

Abstract

Blockchain technology, as a general-purpose technology, has the potential to transform the way people live and do business, as well as the overall development of an economy. It enables secure data collection and has the potential to alter the construction sector by enhancing transparency and efficiency. The research does a bibliometric analysis of the literature on monetary mediums and the emergence of bitcoin, the first digital medium to overcome the "double-spending" issue. Blockchain technology may improve the efficiency of money transactions, quality monitoring, and contractual procedures. With the advent of construction 5.0, the industry is shifting away from a technology-centric strategy to one that prioritizes people. Blockchain technology may benefit the construction sector by simplifying contract administration, boosting payment transparency, and expediting project management. Contract management, sustainability, supply chain logistics, and transparency are all promising areas for blockchain technology due to key qualities such as immutability. The report does, however, emphasise the limitations of implementing blockchain technology in the construction sector, highlighting the necessity of greater stakeholder education, more effective regulatory frameworks, and the creation of blockchain platforms geared to the construction industry as a whole.