Revolutionising AEC financial system within project delivery stages: a permissioned blockchain digitalised framework

Extant literature accentuates the potential of blockchain in the Architectural, Engineering, and Construction (AEC) industry, and its prospective to be integrated into the construction projects to automate financial transactions; for better transparency, security, and controlling. Existing research highlights that permissioned blockchain can work as a platform to create a business network among project participants, due to its features being consistent with the construction industry nature. This paper introduces a framework to integrate permissioned blockchain, particularly Hyperledger fabric, into the construction delivery stages. The proposed framework includes specific steps, demonstrating the requirements to build a network within the pre-construction, construction, and closeout stages. Furthermore, the proposed framework reveals the flow of financial transactions throughout the proposed financial system. Due to the Building Information Modelling/Management (BIM) capabilities and cost planning, the proposed framework shows how the integration between blockchain and BIM processes can be achieved. Therefore, the framework identifies the required data from 4D/5D BIM to be entered into the blockchain financial system. A systematic literature review was used to highlight the advantages of using blockchain in the construction industry, as well as, identifying the appropriate blockchain platform. The framework can be used by industry practitioners to identify the architecture of smart contracts (chaincode) in the construction industry, such as how endorsement and validation policies can be articulated. The outcome of this paper will be used to develop a proof of concept prototype to test and validate the applicability of the proposed conceptual framework through its application to a real case study.