Could blockchain replace the role of trust in the Construction Industry?

Blockchain technology is an innovative solution which uses a distributed ledger system to enhance traceability and transparency and improve data integrity. Integrating blockchain technology with existing technologies such as digital contracts and supply chain management software, allow for free-flowing data throughout a project. Blockchain has proven to be effective in the agricultural industry in financial transactions, logistical processes, and data management systems. Evidence clearly suggests that blockchain technology has the ability to be adapted and implemented into the construction industry. The characteristics of the technology improve data integrity and reliability such that trusting the data will not be an issue. The only concerns remaining are, is trust an issue in the industry and considering previous research from McNamara and Sepasgozar (2020), can a technology be implemented successfully? The research identifies some key literature highlighting concerns over ethical misconduct and failings in the industry. Mason (2009) states ethical misconduct can only be prevented by reducing the numbers of situations where contracted parties consider it necessary to seek an advantage at another’s expense. It is found that innovative technologies will likely be adapted by the industry once there are clear benefits. When a technology has distinct value propositions for the stakeholders involved, it is more likely to be embraced and implemented. The value proposition offered by blockchain technology is evident for all parties. However, the technology has been discussed and researched within the industry for quite some time without any successfully implementation to date