Blockchain Innovations in Construction

What is a fundamental characteristic of blockchain technology that makes it suitable for construction management?

• Centralised control

• Immutability

• High transaction fees

• Limited scalability

How do smart contracts benefit construction projects?

• They require manual intervention for execution

• They increase the need for intermediaries

• They automate contract execution

• They are only applicable to financial transactions

In what way does blockchain enhance supply chain transparency in construction?

• By allowing data manipulation

• By providing a single point of failure

• By offering a tamper-proof record of transactions

• By increasing the number of intermediaries

What is a key advantage of decentralised project management in construction?

• Increased reliance on a central authority

• Reduced collaboration among stakeholders

• Enhanced decision-making through distributed consensus

• Limited access to project data

How does blockchain technology improve data security in construction?

• By storing data in a centralised database

• By allowing unrestricted access to data

• By encrypting data and distributing it across the network

• By reducing the need for data backups

What role does blockchain play in enhancing contract management in construction?

• It centralizes contract storage

• It allows for manual contract verification

• It automates and secures contract execution

• It increases the complexity of contract terms

How can decentralised project management impact stakeholder engagement in construction?

• By reducing stakeholder involvement

• By enhancing collaborative decision-making

• By limiting access to project updates

• By increasing dependency on a single stakeholder

What is a potential benefit of using blockchain for data management in construction projects?

• Increased data redundancy

• Centralized data control

• Improved data integrity and traceability

• Higher data storage costs