Blockchain in the Construction Industry: Developing a Conceptual Model for a Resource Sharing Decentralised Application (DApp)
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Abstract
Despite its size, the construction industry still struggles with low technology adoption. The research illuminates that key issues include lack of immediate payment, inefficient transaction management, and lack of collaboration. In this way, this dissertation explores how blockchain technology, specifically through a Decentralised Application (DApp), can tackle these issues. The research develops a conceptual model framework for a DApp and a virtual mock-up for initial interaction and feedback collection. The standout benefit is the DApp's immediate payment feature, but challenges arose, such as needing a fiat reference for tokens and dealing with transaction tax implications. The proposed enhancements include the DApp acting as a guarantor, using digital signatures, and making token value comparisons straightforward. The research culminates with recommendations for future study, including developing construction industry-specific stablecoin protocols, integrating certified digital signatures for more efficient management flow, and testing the framework through a prototype. By offering an innovative perspective on the application of blockchain technology in the construction industry, this research sets a foundation for future research and development in this area.
