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Cheaper Smart Contracts for the Built Environment? Linking On-Chain and Off-Chain in a Blockchain-Governed Approach

Year: 2024

Type: conference-paper

Abstract: The digitization and automation of contracts within the built environment through blockchain has demonstrated potential. Nonetheless, the use of on-chain smart contracts can amount to substantial costs. This study proposes a blockchain-governed approach to individually assess whether and how to use blockchain for different components of contracts. We explain the rationale behind the concept and implement a pilot prototype of a performance-based, blockchain-governed contract. The results promise an alternative and more cost-effective approach to smart or intelligent contracts in the built environment, while still allowing for trusted verification of key contract parts through blockchain.

Source: Computing in construction

DOI: 10.35490/ec3.2024.269

Authors: Jens J. Hunhevicz, David F. Bucher, Kepeng Hong, Daniel M. Hall, Catherine De Wolf

Institutions: ETH Zurich, Empa, Technical University of Denmark, Delft University of Technology

Language: English

Topic: Blockchain Technology Applications and Security

Subfield: Information Systems

Field: Computer Science

Domain: Physical Sciences

SDGs: Industry, innovation and infrastructure, Sustainable cities and communities, Responsible consumption and production

Open Access status: bronze

OpenAlex ID: W4401458264