Blockchain and the built environment: Potentials and limitations

Blockchain is a relatively new concept that originated from the first cryptocurrency known as Bitcoin and was soon noted to have a much wider range of applications than just serving as the platform for digital cryptocurrency. A blockchain (BC) is essentially a decentralized ledger that records every transaction made in the network, known as a 'block', the body of which comprises encrypted data of the entire transaction history. The implementation of decentralized technology in any industry would require augmented security, enforce accountability, and could potentially accelerate a shift in workflow dynamics from the current hierarchical structure to a decentralized, cooperative chain of command and affect a cultural and societal change by encouraging trust and transparency. This paper presents an evaluation survey of blockchain technology and its applications in the built environment and examines the potential integration with the BIM process. Moreover, the study explores how employing distributed ledger technology (DLT) could be advantageous in the BIM working environment by reinforcing network security, providing more reliable data storage and management of permissions, and ensuring change tracing and data ownership. The study discusses the basic fundamentals of distributed ledgers, their potential future applications and current advances, and their classification based on inherent characteristics of consensus reaching and permission management. Furthermore, the paper evaluates the potential application of BC technologies in enhancing the framework for automating the construction design review process such as smart contract technologies and Hyperledger Fabric, as well as discussing the pros, cons, and possible future research directions.