AI Summary & Key Takeaways
AI InsightThe results indicate that (i) simple layout to read, (ii) reduction in risks of clients, (iii) clarity in responsibility and risk allocation, (iv) easy to comprehend from various stakeholders, and (v) conflict, claim and dispute reduction were the top five drivers to implement smart contracts.
📌 3 Key Takeaways
Özet
Construction contracts are always regarded as complex and voluminous documents that make it harder to extract required information, preventing its smooth functioning. Due to the recent technological advancements, automated and smart contracts can be considered as an alternative to the traditional contract documents that manage its provisions, obligations and clauses by itself. Since the adoption of smart contracts, which can only be performed with the whole participation of involved stakeholders, is limited in the construction industry, this study aims to investigate the stakeholder-associated drivers to implementing smart contracts. For this purpose, a framework based on fuzzy technique for order of preference by the similarityto-ideal-solution (TOPSIS) is developed consisting of eighteen drivers to be prioritized. A number of eighteen experts, who have adequate experience in both construction industry and contract administration, contributed to this study. The results indicate that (i) simple layout to read, (ii) reduction in risks of clients, (iii) clarity in responsibility and risk allocation, (iv) easy to comprehend from various stakeholders, and (v) conflict, claim and dispute reduction were the top five drivers to implement smart contracts. The findings imply that other than its own advantages, the reasons to seek the adoption of smart contracts are mainly the deficiencies of the traditional contract documents. The findings of this study are expected to assist research and development departments of the firms seeking to implement smart contract, while addressing the gap in the literature in this context.