Smart contract in Malaysia Construction Industry
The construction industry plays a vital role in supporting Malaysian economic and social growth. However, because of its unique characteristic, the construction industry is more prone to payment disputes than other industries. CIPAA was introduced to facilitate payment disputes among parties. Howeve...
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my-utm-ep.968942022-08-28T03:43:28Z Smart contract in Malaysia Construction Industry 2021 Mohamad Hidhir, Syarafina Adizah TH434-437 Quantity surveying The construction industry plays a vital role in supporting Malaysian economic and social growth. However, because of its unique characteristic, the construction industry is more prone to payment disputes than other industries. CIPAA was introduced to facilitate payment disputes among parties. However, without the root solution, payment disputes will continue to arise. Today, there are new technology available in the construction industry to improve work efficiency, such as building information modeling (BIM), drone technology, Industrial Building systems (IBS), and etc. for the construction contract, the new technology available is smart contracts. Smart contracts are a contract that has been coded into computer language as software using the blockchain platform, thus reducing time and cost when performing transactions. Smart contracts have all the blockchain advantages such as data storage and record tracking, trust, and no intermediaries. All information is stored in batches and linked together chronologically in a continuous line, decentralized, and distributed across network computers (the contractual parties). Hence, contractual parties can track information quickly, and the data tampering can be reduced since all parties have the same real-time information. This paper aims to determine smart contracts’ transactions in reducing payment disputes and determine the challenges in implementing smart contracts adoption in the Malaysia construction industry. Different types of research methodology are used to achieve both objectives. For the first objective, the study papers were collected, and key points are filtered out to understand the smart contracts’ transaction, leading to the creation of theories from various resources on blockchain technology and smart contracts transactions. For the second objective, data was collected through a questionnaire distributed to the selected respondents. The first objective shows that smart contracts’ transaction can reduce the factors contribute to payment disputes; hence reducing payment disputes. The second objective shows the expected challenges in implementing smart contracts in the Malaysia construction industry, such as lack of ICT infrastructures, smart contracts drafting, lack of knowledge, etc. In conclusion, there are possible solutions for payment disputes despite the challenges in implementing smart contracts in the Malaysia construction industry. 2021 Thesis http://eprints.utm.my/id/eprint/96894/ http://eprints.utm.my/id/eprint/96894/1/SyarafinaAdizahMohamadHidhirMFAB2021.pdf.pdf application/pdf en public http://dms.library.utm.my:8080/vital/access/manager/Repository/vital:142105 masters Universiti Teknologi Malaysia Faculty of Built Environment & Surveying |
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Universiti Teknologi Malaysia |
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English |
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TH434-437 Quantity surveying |
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TH434-437 Quantity surveying Mohamad Hidhir, Syarafina Adizah Smart contract in Malaysia Construction Industry |
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The construction industry plays a vital role in supporting Malaysian economic and social growth. However, because of its unique characteristic, the construction industry is more prone to payment disputes than other industries. CIPAA was introduced to facilitate payment disputes among parties. However, without the root solution, payment disputes will continue to arise. Today, there are new technology available in the construction industry to improve work efficiency, such as building information modeling (BIM), drone technology, Industrial Building systems (IBS), and etc. for the construction contract, the new technology available is smart contracts. Smart contracts are a contract that has been coded into computer language as software using the blockchain platform, thus reducing time and cost when performing transactions. Smart contracts have all the blockchain advantages such as data storage and record tracking, trust, and no intermediaries. All information is stored in batches and linked together chronologically in a continuous line, decentralized, and distributed across network computers (the contractual parties). Hence, contractual parties can track information quickly, and the data tampering can be reduced since all parties have the same real-time information. This paper aims to determine smart contracts’ transactions in reducing payment disputes and determine the challenges in implementing smart contracts adoption in the Malaysia construction industry. Different types of research methodology are used to achieve both objectives. For the first objective, the study papers were collected, and key points are filtered out to understand the smart contracts’ transaction, leading to the creation of theories from various resources on blockchain technology and smart contracts transactions. For the second objective, data was collected through a questionnaire distributed to the selected respondents. The first objective shows that smart contracts’ transaction can reduce the factors contribute to payment disputes; hence reducing payment disputes. The second objective shows the expected challenges in implementing smart contracts in the Malaysia construction industry, such as lack of ICT infrastructures, smart contracts drafting, lack of knowledge, etc. In conclusion, there are possible solutions for payment disputes despite the challenges in implementing smart contracts in the Malaysia construction industry. |
format |
Thesis |
qualification_level |
Master's degree |
author |
Mohamad Hidhir, Syarafina Adizah |
author_facet |
Mohamad Hidhir, Syarafina Adizah |
author_sort |
Mohamad Hidhir, Syarafina Adizah |
title |
Smart contract in Malaysia Construction Industry |
title_short |
Smart contract in Malaysia Construction Industry |
title_full |
Smart contract in Malaysia Construction Industry |
title_fullStr |
Smart contract in Malaysia Construction Industry |
title_full_unstemmed |
Smart contract in Malaysia Construction Industry |
title_sort |
smart contract in malaysia construction industry |
granting_institution |
Universiti Teknologi Malaysia |
granting_department |
Faculty of Built Environment & Surveying |
publishDate |
2021 |
url |
http://eprints.utm.my/id/eprint/96894/1/SyarafinaAdizahMohamadHidhirMFAB2021.pdf.pdf |
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