# November 2025
Construction Blockchain Newsletter
Welcome to the CBC November Newsletter. This edition underscores the rapid digital shift in global shipping, where blockchain, IoT and data analytics are reshaping transparency and operational speed. In Europe, Amundi has launched an Ethereum-based tokenised money-market fund, merging regulated fund structures with on-chain settlement. Southeast Asian governments are tightening oversight as illicit crypto mining strains grids and budgets, while in North America U.S. Bancorp is piloting a Stellar-based stablecoin. UNICEF’s expanding digital cash programmes continue to scale across Africa. Research spotlights smart-contract adoption in PPP infrastructure and construction, alongside blockchain’s emerging role in Construction 4.0. Key event: Tokenize LDN 2025.
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World & Blockchain
Worldwide
The maritime industry, a backbone of global trade, is undergoing a profound digital transformation. As the world demands faster, safer, and more transparent shipping operations, technologies such as Blockchain, the Internet of Things (IoT), and Big Data are reshaping the landscape.
Europe
Amundi’s Integrated Approach Connects Blockchain with Conventional Financial Regulations
Amundi, Europe's largest asset manager, launched its first Ethereum-based tokenized money-market fund, enabling 24/7 settlements and transparent record-keeping via blockchain. - The hybrid model, developed with CACEIS, combines traditional fund operations with blockchain-based ownership, preserving regulatory compliance while expanding investor access. - Ethereum's dominance in stablecoin and RWA transfers ($105.94B in 30 days) underscores its role in accelerating tokenization, with Amundi positioning it
Asia
Southeast Asia grows wary of crypto mining
As illegal crypto mining and scam compounds proliferate across Southeast Asia, governments are discovering that "cheap" power for bitcoin can mean billion-dollar losses, strained power grids and rising climate costs.
North America
U.S. Bancorp Tests Stablecoin on Finance-Focused Blockchain Amid New Crypto Gold Rush
U.S. Bancorp is testing its own stablecoin on the public blockchain Stellar as part of a broader push into digital assets, according to the Minneapolis-based financial institution. The bank joins a bevy of major financial players looking to capitalize on growing interest in stablecoins, a type of cryptocurrency typically backed one-to-one by US dollars in cash reserves and short-term US Treasuries.
Africa
From cash transfers to digital disbursement
When disaster strikes, UNICEF and other aid agencies have long provided affected populations with life-saving emergency supplies and cash assistance. In recent years, the use of humanitarian cash transfers has increased dramatically. UNICEF cash transfers worth $688 million reached an estimated 3.5 million directly affected households across 48 countries in 2024.
Research & Development Digest
This monthly Research Digest features some notable papers produced or suggested by our academic and industry Members and Partners that we hope will be of interest.
Blockchain & Enterprise Strategy
Eze EC, Ameyaw EE, 2025
The purpose of this study is to adopt a quantitative approach to critically examine the effectiveness of measures to promote the adoption and implementation of blockchain-enabled smart contracts (BSCs) in long-term infrastructure public–private partnerships (PPPs) projects within the theoretical lens of the hybrid technology, organisation and environment (TOE) framework and institutional theory. A literature review was undertaken to identify 34 measures for mitigating various barriers to the adoption of blockchain-smart contracts. It was used to design a survey questionnaire guided by the six constructs of the hybrid model. A total of 123 questionnaire data were gathered via purposive and snowball sampling techniques from experts across countries. The data was analysed using mean analysis, coefficient of variation, relative effectiveness index, Spearman correlation analysis and fuzzy set theory. It was found that the measures (strategies) assessed were “very effective” in promoting the broader adoption of BSC in infrastructure PPP projects. Mimetic measures, organisational measures, normative pressure and technological measures were the leading and most critical measures for improving the adoption of smart contracts in PPP. A strong, positive and significant impact was observed between the six constructs of the hybrid model and the adoption of BSC in PPP.
https://doi.org/10.1108/CI-04-2025-0180
Xu Y, Yang X, Chi M, Cheng M, 2025
Smart construction is advancing rapidly, yet the application of smart contracts in the construction industry remains limited. A key challenge lies in the lack of systematic analysis of critical success factors (CSFs) and their causal relationships. This study aims to identify and analyse the CSFs influencing smart contract implementation in construction projects, providing theoretical insights into implementation mechanisms and practical implications for advancing digital transformation in construction management.
A systematic literature review identified 61 core studies. With input from 15 experts, 14 CSFs were established. A hybrid interpretive structural modelling (ISM) – decision-making trial and evaluation laboratory (DEMATEL) approach was employed to build a hierarchical framework. This integrated method overcomes the limitations of single techniques by quantifying both the intensity and direction of factor interdependencies, offering a robust analytical foundation.
Government support (CSF7) and information technology infrastructure (CSF13) are fundamental enablers shaping the feasibility of smart contract implementation. Top management support (CSF1) plays a decisive role in overcoming interdepartmental barriers and mobilising resources, while stakeholder trust and acceptance (CSF4) critically influence the overall system. These factors act as leverage points for accelerating adoption.
https://doi.org/10.1108/ECAM-05-2025-0794
Wang Y, Wang X, 2025
The construction industry is currently undergoing a substantial digital transformation, entering the era of Construction 4.0. Blockchain technology, recognized as a key enabler of Construction 4.0, offers immutable and traceable data storage through a decentralized architecture. Despite growing interest in blockchain's application within the construction sector, the specific mechanisms through which blockchain drives Construction 4.0 remain largely unexplored. This study aims to investigate the role of blockchain technology in the context of Construction 4.0. A mixed-methods approach was employed, combining literature review, conceptual analysis and case studies to provide a comprehensive understanding. It is argued that blockchain's values in Construction 4.0 include establishing secure and valuable connections, fostering trustworthy production relationships, advancing social system automation, and confirming digital asset ownership. Furthermore, this study delineates and explains key application scenarios of blockchain in Construction 4.0, such as information collaboration, quality traceability in industrial production, timely payment of construction contracts, and government regulation. Additionally, the challenges associated with blockchain adoption in the context of Construction 4.0 are analyzed. This study contributes to the understanding of blockchain's value and application logic from the perspective of Construction 4.0, thereby promoting the adoption of blockchain technology and Construction 4.0 practices in the construction industry.
https://doi.org/10.1016/j.kscej.2025.100281
Events Agenda
Tokenize: LDN 2025
Dec 2–3, 2025, Excel London
UK's leading RWA event, with dedicated sessions on Real Estate and alternative assets. Strong focus on institutional adoption, regulatory compliance, and secondary market liquidity.
Consensus 2026
10-12 Feb 2026, Hong-Kong.
Since 2015, Consensus has been more than an event–it's the annual gathering of the tribes. It's where the most influential voices in blockchain, web3, and decentralized AI come together to drive innovation forward.
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Knowledge Upgrade
CBC 2025
December marks the release of the full Construction Blockchain Conference video series, presenting a sharp overview of emerging DLT applications across the built environment. Highlights include insights from Blockchain, Smart Contracts and Distributed Ledger Technologies in the Built Environment, the accelerating rise of large-scale tokenisation and its legal and economic implications, and fresh scrutiny of whether smart contracts function as enforceable legal instruments. Technical sessions showcase blockchain-enabled document auditing, JCT milestone payments using agentic AI, decentralised fabrication, digital building representations and inspection workflows. Further talks examine trust frameworks, smart-contract security and the DeFi–TradFi interface. Readers can watch the 2024 conference videos and are encouraged to subscribe:
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