Smart Contract Using Blockchain In Construction and Infrastructure Sector in the COVID-19 Pandemic

Abstract

A Significant Advancement Has Been Contributed By The Break-Through Technologies Like Smart Contracts And Blockchain In Banking Industry, Healthcare Industry, And Construction Industry (Zhang 2020). Blockchain Can Be Defined As The Distributed Public Ledger That Records All Data Transaction That Is Exchanged And Shared Between The Parties Within The Systems (CEMEX Ventures 2020). The Blockchain Offers Various Opportunities And Advantages For All The Involved Parties Within An Enterprise (Penzes 2018). A Synchronized And Secure Record Of Transactions Are Provided To The Involved Parties. The Confirmation Of All Participants Within The System Is Required In Order To Finalize The Data Transaction (Nicosia 2019). Every Sequence Of Transaction Is Recorded By The Blockchain Ledger, From Beginning To End, In Certain Irreversible And Verifiable Records Of All Transactions Which Are Ever Made. There Are Abundant Areas Of Application Of Blockchain Technology. Smart Contract Has An Important Role In The Digitalization Of Conventional Paper Contracts And Provides Grounds For The Application Of Blockchain Technology (Strategy 2019). This Research Intends To Evaluate The Use And Application Of Smart Contract, Via Blockchain Technology, In The Construction And Infrastructure Industry Of The COVID-19 Pandemic. Current COVID-19 Pandemic Condition Has Resulted In Wider Range Of Negative Impacts On The Construction Sector In UAE, Thereby Affecting Large Parts Of UAE Economy (Gupta Et Al., 2020). There Has Been Identified Significant Need Of Development And Implementation Of Effective Digital Tools For Data Management That Require Least Resources. In Doing So, The Concept Of Blockchain Technology Has Emerged And Investigated By The Scholars In Construction Sector (Salama & Salama 2018). By Employing The Concepts Of Smart Contracts Under Blockchain Technology, The Construction Sector In UAE Can Be Improved (Constructible 2020). This May Also Result In Alleviating The Negative Impacts Of COVID-19 In Construction Sector Of UAE. The Research Findings Will Be Important For The Professionals In Construction Sector Of UAE And In Delivering The Concept Of Blockchain Technology For Construction Industry.