Assessment of Blockchain Smart Contracts Usage for Sustainable Construction Projects in Nigeria.
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Date
2024-10
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Joint Safety, Health, and Well-being in Construction (W099) and People in Construction (W123)
Abstract
Innovative technologies such as blockchain smart contracts
have been developed to digitalize traditional paper contracts,
handle delay in payments, disputes and lack of trust among parties
to a contract. Hence, this study aims to evaluate the application of
blockchain smart contracts in the Nigerian construction industry,
with a view to recommending its adoption strategies for sustainable
construction projects. The study adopted the quantitative research
approach through a questionnaire survey. Data was collected from
182 stakeholders in the Nigerian construction industry through a
snowballing sampling technique; these stakeholders were grouped
as clients, contractors, and consultants. The analysis was done using
descriptive statistics, while Cronbach’s Alpha was used to test for
reliability. The analysis revealed that the three groups of stakeholders
were not aware of the features of blockchain smart contracts since the
outcome ranked below the average mean item score. The findings also
revealed that 83.5% of the stakeholders have never used blockchain
smart contracts in construction projects. Moreover, the analysis on
the readiness to use blockchain smart contracts showed that the
stakeholders were fairly ready to use the innovative technology in
contracts since the findings ranked above the average mean item
score. The study recommends the need for stakeholders’ training
on the benefits and usability of blockchain smart contracts, and
government policies that will facilitate its adoption in the Nigerian
construction industry. This paper offers valuable insights into the
readiness of stakeholders to use blockchain technology as a smart
contractual arrangement in Nigeria