The construction industry is one of the largest in the world, employing 7% of the global workforce, and accounting for 13% of global GDP. Many stakeholders are involved in the construction supply chain, which includes owners, contractors, subcontractors, and suppliers. The handling of payments in construction supply chains faces a lot of challenges such as delays, rework and errors, late payments, and improper supervision and financial controls. In this paper, we propose a blockchain-based system concept for handling payments in the construction supply chain. We provide a description of the system components and design and discuss how the proposed design addresses the challenges faced by the participants in the construction supply chain.
A Blockchain-Based System Concept for Managing Payments in the Construction Supply Chain
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