engleski

Blockchain Strategy for Minimizing Information Asymmetry in Construction Projects

Good communication between project participants is crucial for success of construction projects. However, there is information asymmetry between project participants even though they work on the same projects and want to achieve the same project goals. Information asymmetry is the situation in which one of the two parties is better informed than the other. One of the best known applications of information asymmetry in economics is the principal-agent problem. Information asymmetry causes communication risk that appears in every phase of the construction projects. Due to complexity of construction projects and the number of participants involved, blockchain technology would help to decrease information asymmetry. This technology ensures that all project participants have access to all the information exchanged between them over the duration of a project. It can thus radically reduce information asymmetries and secure more trustful relationships between project participants. This paper offers a framework for implementation of blockchain technology in construction projects in order to minimise information asymmetry, increase transparency, and enhance trust between project participants.

blockchain ; information asymmetry ; construction projects ; trust

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