Blockchain for construction supply chains : a literature synthesis

Abstract

Blockchain technology, founded a decade ago, has created a technological and innovative boost among industry and academia. Blockchain is a type of a decentralized distributed ledger where encrypted transactions of digital assets are recorded in an incorruptible manner. Numerous benefits and applications of Blockchains have resulted in it becoming increasingly popular among a broad spectrum of businesses. This research paper is based on the literature synthesis carried out on blockchain technology and its applications. Blockchain consists of several unique features such as decentralization, anonymity, security, immutability, trust among others. These features emphasise and fascinate users to adopt blockchain in various other industries. A public blockchain is open to any user who wishes to transact while a private blockchain is more controlled by its users. In a public blockchain miners validate the transactions and until most nodes reach consensus, the transactions will not be recorded in the block. In a private blockchain, a permissioned member of the blockchain would validate the transaction. Blockchain has revolutionized many industries by identifying various markets and opportunities and introducing various blockchain applications. Whereas Blockchain 1.0 was initially used for cryptocurrencies, Blockchain 2.0 is recognized for economic, market and financial applications and Blockchain 3.0 for applications beyond currency, finance and markets. This research intends to use Blockchain 3.0 applications where decentralized accounting process used in blockchains, will be applied to the purpose of accounting embodied carbon in construction supply chains