Automated Payment and Contract Management in the Construction Industry by Integrating Building Information Modeling and Blockchain-Based Smart Contracts

Construction projects usually involve signing various contracts with specific billing procedures. In practice, dealing complex contract structures causes significant problems, especially regard to timely payment and guaranteed cash flow. Furthermore, a lack of transparency leads loss trust. As result, late or non-payment is common problem in the construction industry. This paper presents concept implementing smart for automated, transparent, traceable processing projects. Automated achieved by combining Building Information Modeling (BIM) approaches blockchain-based contracts. Thereby, parts traditional are transferred contract. The set up using digital BIM-based tender documents contains all relevant data financial transactions. Once contracted work has been accepted client, payments can be made automatically via authorized institutions. describes framework, referred as BIMcontracts, container-based exchange, management workflow. It discusses industry-specific requirements blockchain storage explains which technical software architectural decisions were made. A case study used demonstrate current implementation concept.