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Smart contract systems for guaranteed and timely payment of construction projects

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2020
Ahmadisheykhsarmast, Salar
Delay in progress payment is a widespread problem in the construction industry which adversely affects the entire processes of the projects. Difficulties in the cashflow of the contracts, and consequently the subcontractors are the main consequences of delayed payments. Despite its significance, few research focused on development of methods guaranteeing timely payments of the participants throughout the project. Recent developments in blockchain and smart contract technologies presents a potential for development of a secure platform for the construction projects. Smart contract based payment systems not only provides an opportunity for minimizing the payment problems, but also enables building trust among the project parties for successful completion of construction projects. By taking advantage of the blockchain and smart contract technologies, this thesis aims to design and develop smart contract-based payment systems for guaranteed and timely payment of construction projects. A Smart Contract System for Security of Payment of Construction Contracts (SMTSEC)is presented to ensure security of payment of construction progress payments. , BIM-smart-contract-based progress payment system (BIMSMRTPAY) is developed to expedite the conventional progress payment process and to minimize potential payment disputes. The smart contract based retention payment system (RETPAY) is designed to expedite and automate the retention payments. The contributions and limitations of the SMTSEC, BIMSMRTPAY, and RETPAY are illustrated and discussed through case projects.