Navigating the Complexity of Construction Contracts and the value of Blockchain Technology: A Systems Dynamics Perspective - Review Paper
DOI:
https://doi.org/10.54878/ttj2p747Keywords:
Construction Contracts, Systems Thinking, Blockchain Technology, Smart Contracts, Contract Management, Transparency in Construction, Efficiency in Project Management, Dispute Resolution, Compliance Tracking, Technological IntegrationAbstract
This paper examines the integration of systems thinking and blockchain technology in construction contract management. It addresses the complexities inherent in construction contracts, which are often exacerbated by issues in transparency, efficiency, and stakeholder collaboration. Systems thinking is applied to understand the dynamic interactions within contracts, while blockchain technology is explored as a solution for enhancing contract management, focusing on its capabilities for improving transparency, streamlining execution, and facilitating dispute resolution. The paper critically analyzes the potential benefits and challenges of blockchain implementation in construction, including technological complexities, regulatory uncertainties, and industry adoption barriers. Through a synthesis of current literature and case studies, the paper highlights the transformative potential of combining systems thinking and blockchain in construction contracts, offering insights into future research directions and technological advancements needed for effective integration. This approach promises a more efficient, transparent, and collaborative future in construction contract management, aligning with the industry’s evolving needs in an era of rapid technological change.
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