||An ARCOM doctoral workshop - 25 March 2020 @ 304E Sandyford Building, Northumbria University, Newcastle
The architecture, engineering,construction and operations (AECO) industry is going through a period of digital transformation with many new technologies, processes and practices improving day-to-day operations at pace. Distributed ledger technology (DLT), (e.g. Blockchain, the underpinning technology for cryptocurrency Bitcoin) is suggested as a key technology to support this digital transformation due to its inherent characteristics to redefine the trust relationship between parties leading to better collaboration and information sharing. DLT offers decentralisation, privacy, anonymity, immutability, traceability and transparency among others. When coupled with smart contracts, it offers a powerful tool to support solutions to the industry’s many challenges such as low productivity, poor procurement models, fragmentation, and the need for payment and regulatory reform.