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Email: [email protected]; Orcid ID: https://orchid.org/0000-0002-7588-4707
2
Distributed Ledger Technology in the Construction Industry Using Corda
Sandeep Kumar Panda*, Shanmukhi Priya Daliyet, Shagun S. Lokre and Vihas Naman
Computer Science and Engineering Department, IcfaiTech, ICFAI Foundation for Higher Education, Hyderabad, India
Abstract
The population pertaining to the entire world has been increasing steadily over the past decades. One of the most basic requirements for the survival of humans is a shelter that could be anything from a small hut to a luxurious skyscraper, ultimately giving the construction industry a major role in this process. In comparison to many other industries, the construction industry can be termed as one of the world’s most fragmented sectors due to the scattered and complex supply chain. Furthermore, this complexity moves a step higher while keeping track of the various factors involved, like the clients, architects, contractors, material suppliers, etc. Also, the complex supply chain of the globally manufactured construction products has to be managed for the sake of meeting the quality requirements and customer satisfaction. But the lack of accountability in the construction industry sometimes leads to various types of faults, delays, and even accidents at some stages. Keeping these main points in mind, this chapter introduces a key to this dispute with the help of Corda, a distributed ledger platform for permissioned networks, inspired by blockchain technology. This helps in maintaining transparency among the actors involved in this industry, thus preventing any form of miscommunication.
Keywords: