Conceptual framework of a Project Bank Account (PBA) blockchain payment application for the construction industry

The UK government published a guidance document in 2012 stipulating the use of project bank accounts (PBA) to promote fair and prompt payment practices construction industry. PBA utilises project-specific escrow account provide greater cash flow auditability mitigate cascading payments down supply chain. However, is bureaucratic manage costly set up. This paper will investigate whether blockchain can be used as an alternative system for executing payments.