The Application of Blockchain-Based Crypto Assets for Integrating the
Physical and Financial Supply Chains in the Construction & Engineering
Industry
- URL: http://arxiv.org/abs/2012.02147v1
- Date: Thu, 3 Dec 2020 18:27:16 GMT
- Title: The Application of Blockchain-Based Crypto Assets for Integrating the
Physical and Financial Supply Chains in the Construction & Engineering
Industry
- Authors: Hesam Hamledari and Martin Fischer
- Abstract summary: The paper demonstrates how blockchain-based crypto assets can address the limitation when used for conditioning the flow of funds based on the flow of products.
The thesis is validated in the context of construction progress payments.
- Score: 2.3569088511882335
- License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
- Abstract: Supply chain integration remains an elusive goal for the construction and
engineering industry. The high degree of fragmentation and the reliance on
third-party financial institutions has pushed the physical and financial supply
chains apart. The paper demonstrates how blockchain-based crypto assets (crypto
currencies and crypto tokens) can address this limitation when used for
conditioning the flow of funds based on the flow of products. The paper
contrasts the integration between cash and product flows in supply chains that
rely on fiat currencies and crypto assets for their payment settlement. Two
facets of crypto asset-enabled integration, atomicity and granularity, are
further introduced. The thesis is validated in the context of construction
progress payments. The as-built data captured by unmanned aerial and ground
vehicles was passed to an autonomous smart contract-based method that utilizes
crypto-currencies and crypto tokens for payment settlement; the resulting
payment datasets, written to the Ethereum blockchain, were analyzed in terms of
their integration of product and cash flow. The work is concluded with a
discussion of findings and their implications for the industry.
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