The construction industry will continue to be a key
driver of economic growth for any country. It is one of the biggest industries
in the world which contributes heavily to the economic development of a
country. However, the productivity and the effectiveness of the industry have often been
called into a question. Therefore,
a number of different modelling tools and
software have introduced to upgrade the standards of the construction industry.
This review seeks to identify how blockchain
can address the project management
perspectives of the construction industry with
respect to the guidelines mentioned in the Project Management Body of Knowledge. Five major criterions namely purchase
management, contract management, asset and inventory management, finance
management and subcontractor management were selected for the analysis using
the PMBOK guidelines. For that, in-depth literature review using forty articles
in ScienceDirect which appeared the context “blockchain in construction”,
“blockchain and project management”, “application of blockchain” were referred.
It is identified that the blockchain technology can assist financial management
without involving third parties, subcontractor management by linking derivable
and payment schemes, contract administration by using smart contracts, inventory
and asset management by tracking and tracing material movements and purchase
management by linking key stakeholders in supply chains