IContracts – pathway to implementation
| 
Abstract
Construction contracts are regularly reported to be the source of the majority of dispute within the Construction sector. From basic drafting error to the more widespread issue of parties not understanding their contractual obligations. The manual nature of contract practice in the industry is outdated and has not evolved with the increase of technology adoption in the industry in recent years. The concept of intelligent contracts (iContracts) has been promoted in academic research recently with the concept of a digital contract logic engine assisting and replicating contract administrative tasks through a more transparent and connected contractual network. In this presentation Alan McNamara, a PhD researcher from the University of New South Wales, will give an overview of his research project which is in the final stages of producing an initial prototype system that will enable accurate and immediate disbursement of funds throughout the supply chain on any given construction project. From the initial functionality, the iContract system is aiming to evolve beyond handling payments to addressing data driven change management (variations) and dispute resolution.
Keywords
Blockchain, Legal claims, Decentralised finance, iContracts.
