From Blueprint to Completion: How Smart Contracts Are Redefining Managing Project Phases in Infrastructure Projects – Halimi
Abstract:
Increasing development of distributed ledger technology (DLT), specially blockchain, has led to adoption of smart contracts across various sectors such as infrastructure projects. Smart contracts are programmable applications that autonomously execute, verify or facilitate the enforceability of a contract, and offer several potential benefits to project stakeholders. Enhancing the transparency among participants, boosting the automation level and overall improvement in project quality are examples of such benefits. Despite the growing interest toward smart contracts in the infrastructure domain, a comprehensive understanding of their impact on the various phases of a project—design, procurement, construction, completion, and operations—remains necessary. This study aims to summarize and evaluate the impacts of smart contracts throughout these stages, comparing their benefits to traditional approaches. Additionally, the study discusses the risks and advantages of utilizing smart contracts for different participants and stakeholders in the project.
PMI Talent Triangle: Ways of Working
PDUs: 0.75
