Applicability of blockchain technology in the Sri Lankan construction industry

Abstract

Construction is one of the most significant drivers of economic growth for any nation. In addition to contributing heavily to economic development, it is one of the world's biggest industries. The industry's productivity or effectiveness has often been in doubt whether the industry is productive or effective. To upgrade the standards of the construction industry, different digital tools and software have been introduced. Among numerous innovative technologies spreading across the construction industry, blockchain is emerging as a breakthrough in streamlining the structure and development of various processes. Therefore, this research tends to study how blockchain technology can improve the key performance indicators in the construction industry via various blockchain applications that can be utilized in the construction industry. The correlation and the impact between the applications of blockchain and the construction industry performance were analysed through statistical analysis via SPSS software. A qualitative expert opinion survey with ten construction experts who have experience in blockchain technology, selected through purposive sampling to collect data in Sri Lankan context, was conducted to collect suggestions and recommendations to implement blockchain in the Sri Lankan construction industry. The gathered data was analysed using the content analysis method. The barriers that Sri Lanka must overcome to adopt blockchain technology and the way to mitigate them were included in the study. How can Sri Lanka be prepared to adopt blockchain technology and what applications can be applied in the Sri Lankan construction industry were discussed in this study.