Smart contracts are required to meet the needs of Digital Built Britain, whose report recommends that “The time has come for the construction sector to reform by seizing the opportunities offered by the Digital Economy.”
To meet the challenges of the future, the industry needs more than ‘merely’ adopt Building Information Modelling and discrete innovations such as smart cities, electronic-tendering and protocols (Wikipedia’s definition of smart contracts provides a useful starting point). Digital Built Britain requires fully computerised construction so the industry will need to change the way it procures projects, not in terms of new paper collaborative contracts, but with smart contracts.
What is a smart contract?
The term smart contract refers to a computerised…