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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Main Author:	Mohamad Hidhir, Syarafina Adizah
Format:	Thesis
Language:	English
Published:	2021
Subjects:	TH434-437 Quantity surveying
Online Access:	http://eprints.utm.my/id/eprint/96894/1/SyarafinaAdizahMohamadHidhirMFAB2021.pdf.pdf
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spelling	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
institution	Universiti Teknologi Malaysia
collection	UTM Institutional Repository
language	English
topic	TH434-437 Quantity surveying
spellingShingle	TH434-437 Quantity surveying Mohamad Hidhir, Syarafina Adizah Smart contract in Malaysia Construction Industry
description	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
_version_	1747818693526552576

Smart contract in Malaysia Construction Industry

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