Blockchain Opportunities and Issues in the Built Environment: Perspectives on Trust, Transparency and Cybersecurity

Abstract

Blockchain as a form of distributed ledger enabling the renowned cryptocurrency Bitcoin has been in the spotlight since the late 2000s. The early discussions on its practical implementation were conducted mainly for the banking and finance industries with a promising narrative. Alongside the recent surge in the interest for the technology for a wide-range of possible applications such as smart contracts, crypto-assets, tokenization, secure transaction recording, peer-to-peer (P2P) trade, and transparent governance, its potential for the Built Environment (BE) has started to come more frequently into question. These discussions often contain a tone of caution, nevertheless, hinting the challenges for the technology in the BE context. This chapter is aimed at summarizing those opportunities and challenges for blockchain in the BE with a particular emphasis on its potential influence on trust, transparency and cybersecurity. Directions of future research are also provided contributing to the cyber-physical convergence in Construction 4.0.