Blockchain & Construction Cash Flow
Abstract
The Construction Blockchain Consortium (CBC) was established to develop knowledge transfer, arrange commercial and academic presentations, assess and test commercial services and technology, conduct research, and drive policy, regulation and understanding of the consequences of Blockchain and other emerging technologies in the Built Environment. We also establish open-source projects and encourage application developers to build proprietary technology and services for sustainable construction solutions.
In this first document of a series of white papers, we elaborate on the impact of blockchain in construction financing & procurement. Originally, we envisioned one document to cover the domains of financing and procurement. However, it soon transpired that the complexities of this intersection of multidisciplinary knowledge calls for topic analysis in order to retain the definition required to inform prospective technological applications.
Therefore, here we review current developments of blockchain technology relevant for construction smart contracts and assess its impact in the construction cash flow models and some of its procurement devices. This document aims to gather evidence with a view to shaping future policy and regulation in collaboration with the British Parliament.
