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Prospect of Blockchain Technology for Construction Project Management in Malaysia

Year 2017 is hailed as the year of the blockchain, a technology which has disrupted a wide array of sectors, particularly the financial and legal sectors. Blockchain is a technology derived from Bitcoin, the first cryptocurrency created by Satoshi Nakamoto in 2008. Since then, the Bitcoin concept ha...

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Main Authors: Adriana Erica Amaludin, Mohammad Radzif Bin Taharin
Format: Article
Language:English
Published: 2018
Subjects:
Q Science (General)
Online Access:https://eprints.ums.edu.my/id/eprint/24265/1/Prospect%20of%20Blockchain%20Technology%20for%20Construction%20Project%20Management%20in%20Malaysia.pdf
https://eprints.ums.edu.my/id/eprint/24265/
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spelling my.ums.eprints.242652019-12-04T01:08:12Z https://eprints.ums.edu.my/id/eprint/24265/ Prospect of Blockchain Technology for Construction Project Management in Malaysia Adriana Erica Amaludin Mohammad Radzif Bin Taharin Q Science (General) Year 2017 is hailed as the year of the blockchain, a technology which has disrupted a wide array of sectors, particularly the financial and legal sectors. Blockchain is a technology derived from Bitcoin, the first cryptocurrency created by Satoshi Nakamoto in 2008. Since then, the Bitcoin concept has been innovated to create blockchain technology. Blockchain consists of de-centralized, tamper-proof digital ledgers of transactions, which are chronologically and securely recorded over complex networks. Proponents of this technology are looking into the adoption of blockchain in their operations, since it is safer and reduces operating costs. This paper provides an overview of the prospects of utilizing blockchain technology to solve issues existing in the construction industry, specifically in Malaysia. The scope of this study is confined to several aspects, which includes the fundamentals of blockchain technology, and the use of Building Information Modeling (BIM) for pre-construction and construction phases, within the purview of the project management field. Among the applications of this technology includes identity validation and notarization for construction personnel/industry players, project governance and smart contracts (BIM and Blockchain integration). As a result of this study, it was found that the application of blockchain technology in project management is still in its early adoption phase, with exciting developments in the near future. Despite being in its early stages of adoption, it can be seen that the blockchain technology adoption across the globe, particularly in the area of project management has a promising outlook. However, further research needs to be carried out to ascertain the feasibility of blockchain technology implementation in the local construction industry. 2018 Article PeerReviewed text en https://eprints.ums.edu.my/id/eprint/24265/1/Prospect%20of%20Blockchain%20Technology%20for%20Construction%20Project%20Management%20in%20Malaysia.pdf Adriana Erica Amaludin and Mohammad Radzif Bin Taharin (2018) Prospect of Blockchain Technology for Construction Project Management in Malaysia. ASM Science Journal., 11 (3). pp. 199-205.
institution Universiti Malaysia Sabah
building UMS Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Sabah
content_source UMS Institutional Repository
url_provider http://eprints.ums.edu.my/
language English
topic Q Science (General)
spellingShingle Q Science (General)
Adriana Erica Amaludin
Mohammad Radzif Bin Taharin
Prospect of Blockchain Technology for Construction Project Management in Malaysia
description Year 2017 is hailed as the year of the blockchain, a technology which has disrupted a wide array of sectors, particularly the financial and legal sectors. Blockchain is a technology derived from Bitcoin, the first cryptocurrency created by Satoshi Nakamoto in 2008. Since then, the Bitcoin concept has been innovated to create blockchain technology. Blockchain consists of de-centralized, tamper-proof digital ledgers of transactions, which are chronologically and securely recorded over complex networks. Proponents of this technology are looking into the adoption of blockchain in their operations, since it is safer and reduces operating costs. This paper provides an overview of the prospects of utilizing blockchain technology to solve issues existing in the construction industry, specifically in Malaysia. The scope of this study is confined to several aspects, which includes the fundamentals of blockchain technology, and the use of Building Information Modeling (BIM) for pre-construction and construction phases, within the purview of the project management field. Among the applications of this technology includes identity validation and notarization for construction personnel/industry players, project governance and smart contracts (BIM and Blockchain integration). As a result of this study, it was found that the application of blockchain technology in project management is still in its early adoption phase, with exciting developments in the near future. Despite being in its early stages of adoption, it can be seen that the blockchain technology adoption across the globe, particularly in the area of project management has a promising outlook. However, further research needs to be carried out to ascertain the feasibility of blockchain technology implementation in the local construction industry.
format Article
author Adriana Erica Amaludin
Mohammad Radzif Bin Taharin
author_facet Adriana Erica Amaludin
Mohammad Radzif Bin Taharin
author_sort Adriana Erica Amaludin
title Prospect of Blockchain Technology for Construction Project Management in Malaysia
title_short Prospect of Blockchain Technology for Construction Project Management in Malaysia
title_full Prospect of Blockchain Technology for Construction Project Management in Malaysia
title_fullStr Prospect of Blockchain Technology for Construction Project Management in Malaysia
title_full_unstemmed Prospect of Blockchain Technology for Construction Project Management in Malaysia
title_sort prospect of blockchain technology for construction project management in malaysia
publishDate 2018
url https://eprints.ums.edu.my/id/eprint/24265/1/Prospect%20of%20Blockchain%20Technology%20for%20Construction%20Project%20Management%20in%20Malaysia.pdf
https://eprints.ums.edu.my/id/eprint/24265/
_version_ 1760230219108581376
score 13.211869

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