Development of autonomous progress payment system integrated blockchain and IoT technologies in construction industry

Abstract

Typically, construction projects entail many contracts with particular billing methods. In fact, dealing with complicated contract arrangements presents major difficulties, particularly in terms of early payment and assured cash flow. In addition, a lack of openness diminishes trust. Consequently, late or nonpayment is a prevalent issue in the construction sector. That article introduces the notion of applying smart contracts for automated, transparent, and traceable financial transactions in construction projects using a dam building project as an example. Combining robotic reality capturing technology, Building Information Modeling (BIM), and blockchain-based smart contracts enables automated billing. Utilizing detecting, intelligent machines, and building information models for existing structures the construction process is recorded, evaluated, and documented (BIM). The progress data is transmitted through knowledge of addressable file-sharing and afterwards broadcast to a smart contract that manages payouts and transfers creditor rights utilizing cryptocurrencies. Consequently, portions of standard standards form of contracts are converted to smart contracts. The smart contract is created utilizing digital BIM-based tender papers and includes all pertinent financial transaction information. Once the client has accepted the contractual building work, payments can be issued automatically through authorized banking institutions. The architecture for container-based information interchange and the digital contract administration process are described in this thesis.