Revision as of 15:44, 15 January 2024

Abstract

The construction industry, with its complex processes, is witnessing transformational benefits from blockchain and smart technological advancements. Improved communication, efficient management, and enhanced alliances are becoming key advantages. However, the industry must overcome longstanding habits of working in silos and fostering a "lack of trust" mindset to fully leverage these technologies. The intricate nature of construction projects, involving diverse contributors and a multifaceted approach, calls for a more coordinated and aligned working methodology facilitated by digital advancements.Projects demand effective coordination and collaboration, necessitating a shift from adversarial to collaborative approaches. The industry's contentious nature and reluctance to align commercial interests have led to wasteful disputes, benefiting legal professionals. The adoption of blockchain requires a fundamental change in the industry's culture, fostering trust, aligning goals, and embracing a collaborative environment.To address these challenges, an intelligent environment of trust is crucial, where goals align seamlessly across the entire project team. The construction industry must transition from siloed working to collaborative integration, embracing joint risk management and building shared objectives. A formalized multi-party contractual mechanism, exemplified by the Integrated Information Management Contract (IIMC), provides a framework compliant with international standards. Developed by the Centre for Digital Built Britain, it aligns with the ISO 19650 series, promoting transparency, efficiency, and shared understanding throughout the life cycle of a built asset. This shift towards collaboration and transparent contractual frameworks is vital for the successful integration of blockchain and smart technologies in the construction industry.

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