Empowering Subcontractors in Swedish Construction with Blockchain Technology for Automated Payment Processes
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Publicerad
Författare
Typ
Examensarbete för masterexamen
Master's Thesis
Master's Thesis
Modellbyggare
Tidskriftstitel
ISSN
Volymtitel
Utgivare
Sammanfattning
This study addresses the pervasive issue of late payments in the Swedish construction
industry, positing blockchain technology and Smart contracts as potential solutions. It
aims to explore the impact of a blockchain-based Smart contract system on project
management, with a focus on improving payment processes for subcontractors. By
automating and making payments transparent at predefined project milestones, this
research investigates the feasibility and impact of integrating blockchain technology
into current project management frameworks. The research questions delve into the
integration of blockchain-based Smart contracts to automate payment disbursement, the
potential effects on payment delays, stakeholder collaboration, and overall project
efficiency, and whether blockchain technology is necessary or if simpler solutions exist.
Employing a mixed-methods approach, the study combines a literature review with
interviews to construct a SWOT analysis and an Impact/Feasibility matrix. These tools
are instrumental in addressing the research questions, particularly how the technology
can be implemented and what the impacts are. The findings reveal that integrating
blockchain-based Smart contracts can significantly streamline payment processes,
offering transparency and traceability—key benefits highlighted in the literature.
Interviews underscore the economic value of Smart contracts, emphasizing their
potential to expedite revenue streams and save money. A recommended strategy
involves legal collaboration, recruiting skilled developers, and comprehensive
workforce training, ensuring a smooth transition to this new technological paradigm.
The study concludes that blockchain-automated invoicing management could markedly
enhance financial operations within the industry, promising timely payments and
reducing invoicing delays. Such improvements are anticipated to bolster stakeholder
collaboration and project efficiency. Despite the nascent stage of blockchain
technology, its potential to mitigate financial disputes and delays is evident, presenting
a compelling case for its implementation in the construction sector. This thesis
contributes a guide for initiating an automated Smart contract payment system,
underscoring blockchain technology's transformative potential for the construction
industry's financial dealings.
Beskrivning
Ämne/nyckelord
Blockchain Technology, Automated Payments, Constuction Industry, Smart contracts, Sustainability, Ecological Traceability, Finacial System Innovation, Web 3.0, Digital Transformation, Decentralization, Economic Effeciency, Security Enchancements, Data Integrity, Stakeholder Engagement, Technological Adoption