1. Financial management of construction projects: Hyperledger fabric and chaincode solutions.
- Author
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Elghaish, Faris, Pour Rahimian, Farzad, Hosseini, M. Reza, Edwards, David, and Shelbourn, Mark
- Subjects
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CONSTRUCTION project management , *FINANCIAL management , *NEAR field communication , *CONSTRUCTION projects , *CONTRACTOR-client relationships , *BLOCKCHAINS , *DRILLING platforms - Abstract
This paper proposes a novel interconnected financial management system based on Hyperledger fabric and chaincode solutions to address endemic problems with financial management practices adopted within construction projects. Increasingly complex construction projects have necessitated a corresponding evolvement of financial management tools and systems to augment security and control. A decentralised financial management system is introduced to deal with all financial tasks across various construction stages using blockchain technology. Under different delivery approaches and payment methods, the proposed system enables parties to record/invoke their transactions safely and automatically, with no third party involvement. Moreover, the proposed approach allows non-owner parties to control remaining financial rights during the Defects Liability Period (DLP) automatically through a pre-agreed endorsement policy. The proposed system is tested on a real-life case project, where results corroborate its ability and workability in providing a secure and scalable platform for all project parties. • This paper provides a secure and interconnected financial system for construction projects • The proposed financial solution-based Hyperledger fabric deal with payment issues during the whole project lifecycle • The proposed 'Proof Of Concept' enables all parties to invoke their transactions through an integrated platform • The endorsement policy in this system prevents the misuse of the DLP by the client to withhold contractors' duties [ABSTRACT FROM AUTHOR]
- Published
- 2022
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