Role of Transactional Blockchain in Facilitating Procurement in International Construction Projects

Blockchain is an evolving technological innovation that offers a distributed and secure method to record and share data, such as financial transactions, using cryptographic techniques that guarantee immutability. Due to its many benefits, blockchain has evolved into many sectors including finance and supply chain, among others. However, there is much speculation and ongoing research concerning its integration into the construction sector. Accordingly, the goal of this paper is to investigate the role of blockchain in facilitating procurement in construction projects, with a focus on international projects. This goal is achieved by: (1) studying the applications of blockchain in the construction industry; (2) analyzing case studies implementing blockchain in construction projects; and (3) performing a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis for adopting blockchain in the construction industry. The SWOT analysis is based on the thorough interrelated analysis of the case studies and surveyed literature, and is intended to provide guidelines on how to capitalize on the advantages of transactional blockchain in construction projects. Ultimately, this research aims to provide a holistic understanding of the applications of blockchain in facilitating procurement in international construction projects.