A blockchain is a digital method of recording data so that every participant has access to the same information. It is a database made up of blocks of records chained together in a way that makes them very difficult to alter, providing a secure record of transactions between parties without relying on a central third party. The result is a shared, distributed ledger.
In construction, blockchain is still an emerging technology rather than standard practice. Its suggested uses include smart contracts that release payment automatically when agreed conditions are met, tracking materials and components through the supply chain, and maintaining a trusted record of design and asset information. For the QS, the potential interest lies in more transparent payment processes and audit trails.
- Any automated payment would still need to sit within the contract and statutory payment rules.
- Adoption on live UK projects remains limited.
Related terms: smart contracts, distributed ledger, digital construction, BIM.
