Review on the Readiness of Sri Lankan Construction Industry to Engage in Blockchain Technology: A Conceptual Framework

Blockchain technology has become an innovative ideology with numerous applications, which was initially launched on cryptocurrency like Bitcoin. The practice of Blockchain is anticipated to improve the accuracy of the construction project data and their management, through the concepts of “peer-to-peer network, public-key cryptography, consensus algorithm, and hashing algorithm”. The most known application of Blockchain is a cryptocurrency, which enables secured transactions between parties, and also it has encouraged people and companies to work together with much confidence and sincerity. The core feature in this technology is the identification of fraud, once it occurred in the Blockchain network. To keep confidentiality among the public, the consortium Blockchain network has been introduced which keeps private networks inside public Blockchain. In the global context, Blockchain is being exceptionally executed to achieve a transparent and high-security data storage mechanism throughout the construction project lifecycle. Even though many studies have acknowledged Blockchain-based construction strategies in the global context, such practices are not yet being significantly practised in the Sri Lankan construction industry due to unawareness and resistance to change from the conventional setup. Therefore, this research aims to evaluate the potential of the Sri Lankan construction industry to adopt Blockchain technology. Accordingly, an extensive literature survey was conducted to develop a conceptual framework. This framework lays down the guidelines for construction industry-related firms to ascertain their capabilities and competence to uphold Blockchain technology and decide potential mechanisms for adoption. The research adds to the body of knowledge as it uncovers a conceptual understanding of Blockchain technology for the first time in Sri Lankan construction industry.