An Implementation of Smart Contracts by Integrating BIM and Blockchain

Abstract

This paper presents an implementation of smart contracts by integrating BIM and blockchain. After briefly reviewing the literature regarding blockchain technology, smart contracts, and integration of the BIM and blockchain, a blockchain network using Hyperledger fabric is proposed and tested to govern a sample construction project. The proposed framework does not utilize the cryptocurrency aspect of the blockchain as the payment form. Instead, it discusses the integration of the current banking system and the use of fiat currencies in transactions. The results show that blockchain is a viable system for governing construction project contracts by automating the consequences of each transaction and maintaining a tamper proof record of project progress, which would be valuable in any kind of dispute resolution. The blockchain network developed in this study implements the smart contract as its network operation logic. As a result, the notion of having to translate all the traditional contract clauses to the computer program is shown to be unnecessary and to some extent not suitable for construction, due to the complexity, fluidity, and high uncertainties involved in each project.