Bridge the Gap: Market Demand and Business Case Studies for Blockchain Technology’s Application in the Built Environment
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Abstract
The barriers to the adoption of blockchain technology in the industry sectors of the built environment are known and have been drawing research efforts. And recent literature points out there are gaps between the academic communities and the industry. This article studies market demand to address the gap and uncover the priorities that matter to real-world challenges. The goal of the paper is to encourage the alignment between academic research efforts in innovative blockchain solutions for the built environment and the market needs of the stakeholders in a wide range of industry sectors including architecture, engineering, construction, operation, real estate, and infrastructure. The research methods are mainly secondary marketing research methods, coupled with business theories. The market research methods include keyword analysis and case studies to assess the market potential and demand for blockchain applications. The business theories such as value proposition canvas and SWOT analysis are applied to the analysis in the case studies to further understand the unique values blockchain technology offer to the users and real-world challenges. The findings provide insight into market capital and fundraising potential regarding specific blockchain application streams, alluding that the fertile areas of blockchain innovation lie in financing and energy & sustainability. While other streams may appear less in demand, BIM technology is deemed a critical enabler for the wider adoption and commercialization of blockchain technology in the industry. In short, the paper contributes to better adoption of the blockchain, the digital transformation for the built environment, and the interdisciplinary study of technology, built environment, and business.
