Abstract:
The construction industry will continue to be a key driver of economic growth for any
country. It is one of the biggest industries in the world which contributes heavily to the
economic development of a country. However, the productivity and the effectiveness of
the industry have often been called into a question. Therefore, a number of different
modelling tools and software have introduced to upgrade the standards of the
construction industry. This review seeks to identify how blockchain can address the
project management perspectives of the construction industry with respect to the
guidelines mentioned in the Project Management Body of Knowledge. Five major
criterions namely purchase management, contract management, asset and inventory
management, finance management and subcontractor management were selected for the
analysis using the PMBOK guidelines. For that, literature review using articles in
ScienceDirect which appeared the context “blockchain in construction”, “blockchain
and project management”, “application of blockchain” were referred. It is identified
that the blockchain technology can assist financial management without involving third
parties, subcontractor management by linking derivable and payment schemes, contract
administration by using smart contracts, inventory and asset management by tracking
and tracing material movements and purchase management by linking key stakeholders
in supply chains.
