`

Policy & Compliance

Blockchain technology essentially offers a new view on governance, an ‘open sector’, according to John Clippinger, ready to challenge traditional, top-down leadership paradigms. Whereas many of its traits have direct relation to the financial sector, governance and decision theory are the next key application areas. For construction, all record-keeping operations, such as permits, transactions and briefs could be digitized through blockchain technology, resulting to immense benefits in time and cost.

The applications of blockchain technology in construction industry suggest implications for privacy and copyright protection. Apart from legal, also ethical and professional transformations are required to leverage from blockchain technology, which in turn could enhance citizen engagement and transparency in the current increasingly digitised construction industry.

Keywords

Governance, Decision theory, Policy-making, Ethics