Publications / 2022 Proceedings of the 39th ISARC, Bogotá, Colombia

Potentials of 5D BIM with Blockchain-enabled Smart Contracts for Expediting Cash Flow in Construction Projects

Jong Han Yoon and Pardis Pishdad-Bozorgi
Pages 238-245 (2022 Proceedings of the 39th ISARC, Bogotá, Colombia, ISBN 978-952-69524-2-0, ISSN 2413-5844)

The low level of digitization in sharing information and the fragmented processes in the construction supply chain negatively affects cash flow across the supply chain, resulting in non- and late-payment issues. Even though a cloud-based 5D BIM platform and Blockchain-enabled smart contracts have the potential to address the issues, their applications for expediting the cash flow are still in their exploration stages in the construction industry. The main objective of this study is to contribute to this transformation by examining one of the most advanced cloud-based 5D BIM platforms, MTWO, to analyze its potential in expediting cash flow when used in conjunction with the blockchain-enabled smart contract. This study contributes to the body of knowledge by proposing an improved way of processing pay applications that leverage blockchain-enabled smart contracts with the 5D BIM platform to expedite the construction projects' cash flow through a semi-automatic payment process.

Keywords: 5D BIM; Automation; Blockchain; Smart Contract; Construction Payment