"Title: Cheaper Smart Contracts for the Built Environment? Linking On-Chain and Off-Chain in a Blockchain-Governed Approach

Authors: Hunhevicz, Jens J (1,2);
Bucher, David F (2);
Hong, Kepeng (3);
Hall, Daniel M (4);
De Wolf, Catherine (2)

Affiliation: 1: Empa, Dübendorf, Switzerland;
2: ETH Zurich, Switzerland;
3: DTU, Kongens Lyngby, Denmark;
4: TU Delft, Delft, The Netherlands

Keywords: Smart Contracts, Blockchain, Construction, Smart Buildings, Built environment as a service

Session: Blockchain & Distributed Ledger Technology

Paper Link: 10.35490/EC3.2024.269

Abstract: The digitization and automation of contracts within the built environment through blockchain has demonstrated potential. Nonetheless, the use of on-chain smart contracts can amount to substantial costs. This study proposes a blockchain-governed approach to individually assess whether and how to use blockchain for different components of contracts. We explain the rationale behind the concept and implement a pilot prototype of a performance-based, blockchain-governed contract. The results promise an alternative and more cost-effective approach to smart or intelligent contracts in the built environment, while still allowing for trusted verification of key contract parts through blockchain."

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