Whether project bank accounts (PBAs) can be hosted on the blockchain to improve cash flow performance
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Abstract
Poor cash flow management and lack of profitability have plagued the construction industry for decades. In response, the UK Government published the project bank account (PBA) payment strategy in 2012 to mitigate main contractors withholding liabilities. However, PBA suffers from adoption challenges, such as systems fragmentation and a lack of incentives for main contractors to adopt it effectively. This research investigates how to reduce systems fragmentation in construction by integrating PBA procedures with existing management workflows to increase payment automation, resulting in improved cash liquidity and better incentives for using PBAs. This research uses a multi-method approach to collect data from construction consultants via a focus group interview and a questionnaire is used to collect data from construction consultants.
