Readiness and Potential Application of Smart Contracts in the Indonesian Construction Industry

Kartika Wulandary, Kriengsak Panuwatwanich, Michael Henry

研究成果: Conference contribution

2 被引用数 (Scopus)

抄録

A construction project requires a contract to run safely by minimizing costs, schedules and maintaining project quality. In traditional contracts, contractual transactions between trustless parties are generally conducted in a centralized form, requiring a trusted third party to act as witnesses and make them legally binding, enforceable, and trustworthy. However, involving third parties is associated with high costs and delays. In this case, Smart Contracts can be a solution. A smart contract is a code that contains rules that will execute a transaction itself according to the agreement of two parties. Smart Contracts contained in Blockchain Technology have received much attention globally, including in the construction industry. Smart Contracts can enable automatic payments without delays, hassles and without third parties (mediators) carried out in a decentralized network to ensure integrity and transparency by preventing the potential of record manipulation existed in traditional contracts. This paper presents an overview of the potential application of Smart Contracts in Indonesian construction industry. This paper was prepared based on a literature review of several existing studies to obtain data related to the current state of Blockchain Technology, technological readiness, and the potential areas that Smart Contracts can be applied. It is hoped that the findings from the literature review will explain various aspects of the potential for adopting Smart Contracts in the construction industry and can assist in the development of further research that will focus on the application of Smart Contracts in the Indonesian construction industry.

本文言語English
ホスト出版物のタイトルProceedings of The 17th East Asian-Pacific Conference on Structural Engineering and Construction, 2022 - EASEC-17
編集者Guoqing Geng, Xudong Qian, Leong Hien Poh, Sze Dai Pang
出版社Springer Science and Business Media Deutschland GmbH
ページ249-263
ページ数15
ISBN(印刷版)9789811973307
DOI
出版ステータスPublished - 2023
イベント17th East Asian-Pacific Conference on Structural Engineering and Construction, EASEC-17 2022 - Virtual, Online
継続期間: 2022 6月 272022 6月 30

出版物シリーズ

名前Lecture Notes in Civil Engineering
302 LNCE
ISSN(印刷版)2366-2557
ISSN(電子版)2366-2565

Conference

Conference17th East Asian-Pacific Conference on Structural Engineering and Construction, EASEC-17 2022
CityVirtual, Online
Period22/6/2722/6/30

ASJC Scopus subject areas

  • 土木構造工学

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