Cheaper Smart Contracts for the Built Environment?
Linking On-Chain and Off-Chain in a Blockchain-Governed Approach
Jens Hunhevicz (Swiss Federal Laboratories for Materials Science and Technology (Empa))
David Bucher (ETH Zürich)
Kepeng Hong (Technical University of Denmark (DTU))
Daniel M. Hall (TU Delft - Design & Construction Management)
Catherine De Wolf (ETH Zürich)
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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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