This thesis work proposes to examine the future and possible applications of blockchain technology in the real estate and construction sector, focusing on the application of Smart Contracts to automate payments for construction works. Despite the obvious potential of Smart Contracts, there are currently no concrete applications in the real estate sector. The main obstacle to the application of this technology is the complex system of regulations governing the industry. Integrating blockchain technology into this complex ecosystem requires overcoming legal, regulatory and technical challenges. Blockchain technology originated in the context of cryptocurrencies with Bitcoin and has gradually spread to other sectors, finding obvious success in the application finance supply chain management. The real estate sector, at least in Italy, shows marked resistance to adopting innovations. However, the potential benefits of applying blockchain technology to the sector are significant. By eliminating many of the inefficiencies that exist in current processes, it saves time and money while improving transparency and process efficiency. As legal and regulatory frameworks evolve to accommodate blockchain technology and as more real estate stakeholders become familiar with its benefits, we can expect to see more concrete applications emerge. The eventual integration of blockchain and smart contracts into real estate has the potential to transform the way properties are bought, managed and sold. Possible applications include creating a digital identity for real estate, facilitating the transparent and immutable transmission of property information and simplifying the due diligence process, as well as reducing the risk of fraud. Smart Contracts could drastically reduce the time of the buying and selling process, down to a few seconds per transaction, and tokenization of properties could facilitate exchange and fractionation, enabling even small investors to access the market. All of the applications listed above have enormous potential, but it will probably take several years to overcome the many technical and legislative hurdles. There is, however, one application of Smart Contracts that may see the light of day sooner than others, namely the use of Smart Contracts to automate payments for site works. Numerous articles in the academic literature hypothesize solutions for the application of this technology as well as some concrete applications, of similar technologies, which will be discussed within this thesis. Through these examples, a model for the implementation of the technology is outlined. Through the use of software such as Building Information Modeling (BIM), all project information can be visualized in a digital format. Technologies such as LiDAR sensors enable the scanning of what has been built on site and the subsequent creation of the As-Built, the actual digital twin of the work. Within the thesis, the application model of the technology is hypothesized in a completely theoretical way. In an articulated process, the BIM project is compared with its Digital Twin. At the same time, all data on the design components and their costs are entered within the Smart Contract. Once compliance with the project is ascertained, payment is made automatically. Within this thesis, the benefits that Smart Contracts can bring to the construction industry, both Client and Contractor side, the professional figures and skills for implementation, and any limitations and critical issues will be explored.
Il lavoro di tesi propone di esaminare il futuro e le possibili applicazioni della tecnologia blockchain nel settore immobiliare e delle costruzioni, concentrandosi sull'applicazione degli Smart Contracts per automatizzare i pagamenti per le opere di costruzione. Nonostante l’evidente potenziale degli Smart Contracts, attualmente non esistono applicazioni concrete nel settore immobiliare. Il principale ostacolo all’applicazione di questa tecnologia è il complesso sistema di norme che regolano il settore. L’integrazione della tecnologia blockchain in questo complesso ecosistema richiede il superamento di sfide legali, normative e tecniche. La tecnologia Blockchain è nata nel contesto delle cripto-valute con Bitcoin e si è progressivamente diffusa in altri settori, riscontrando evidenti successi nell'applicazione finanza la gestione della supply chain. Il settore immobiliare, almeno in Italia, mostra una marcata resistenza all'adozione di innovazioni. Tuttavia, i potenziali vantaggi derivanti dall’applicazione della tecnologia blockchain al settore sono significativi. Eliminando molte delle inefficienze esistenti nei processi attuali, si ottiene un risparmio di tempo e denaro, migliorando al contempo trasparenza e efficienza dei processi. Man mano che i quadri giuridici e normativi si evolvono per accogliere la tecnologia blockchain e man mano che sempre più stakeholder immobiliari acquisiscono familiarità con i suoi vantaggi, ci si può aspettare di vedere emergere applicazioni più concrete. L’eventuale integrazione della Blockchain e dei contratti intelligenti nel settore immobiliare ha il potenziale per trasformare il modo in cui le proprietà vengono acquistate, gestite e vendute. Le possibili applicazioni includono la creazione di un'identità digitale per le proprietà immobiliari, facilitando la trasmissione trasparente e immutabile delle informazioni sull'immobile e semplificando il processo di due diligence, oltre a ridurre il rischio di frode. Gli Smart Contracts potrebbero ridurre drasticamente i tempi del processo di compravendita, fino a pochi secondi per transazione, e la tokenizzazione degli immobili potrebbe agevolare lo scambio e il frazionamento, consentendo anche ai piccoli investitori di accedere al mercato. Tutte le applicazioni sopra elencate presentano enormi potenzialità, ma probabilmente diversi anni saranno necessari per superare i numerosi ostacoli tecnici e legislativi. Vi è però un applicazione degli Smart Contract che potrebbe vedere la luce prima di altre, ovvero l’impiego di quest’ultimi per automatizzare i pagamenti per le opere di cantiere. Numerosi articoli della letteratura accademica ipotizzano soluzioni per l’applicazione di questa tecnologia oltre a alcune applicazioni concrete, di tecnologie simili, che verranno discusse all’interno di questa tesi. Grazie a questi esempi, viene delineato un modello per l’implementazione della tecnologia. Grazie all'uso di software come il Building Information Modeling (BIM), è possibile visualizzare tutte le informazioni relative al progetto in formato digitale. Tecnologie come i sensori LiDAR permettono la scansione di quanto realizzato in cantiere e la successiva creazione dell’As-Built, il vero e proprio gemello digitale dell’opera. All’interno della tesi viene ipotizzato, in maniera del tutto teorica, il modello di applicazione della tecnologia. In un processo articolato, il progetto BIM viene confrontato con il suo Digital Twin. Al contempo, all’interno dello Smart Contract vengono inseriti tutti i dati relativi alle componenti progettuali e ai relativi costi. Una volta accertata la conformità con il progetto, il pagamento viene eseguito automaticamente. All’interno di questa tesi verranno esplorati i vantaggi che gli Smart Contract sono in grado di apportare al settore delle costruzioni, sia lato Client che lato Contractor, le figure professionali e le competenze per l’implementazione e gli eventuali limiti e criticità.
The application of smart contracts to automate payments for construction site works
Mammone, Giandomenico
2023/2024
Abstract
This thesis work proposes to examine the future and possible applications of blockchain technology in the real estate and construction sector, focusing on the application of Smart Contracts to automate payments for construction works. Despite the obvious potential of Smart Contracts, there are currently no concrete applications in the real estate sector. The main obstacle to the application of this technology is the complex system of regulations governing the industry. Integrating blockchain technology into this complex ecosystem requires overcoming legal, regulatory and technical challenges. Blockchain technology originated in the context of cryptocurrencies with Bitcoin and has gradually spread to other sectors, finding obvious success in the application finance supply chain management. The real estate sector, at least in Italy, shows marked resistance to adopting innovations. However, the potential benefits of applying blockchain technology to the sector are significant. By eliminating many of the inefficiencies that exist in current processes, it saves time and money while improving transparency and process efficiency. As legal and regulatory frameworks evolve to accommodate blockchain technology and as more real estate stakeholders become familiar with its benefits, we can expect to see more concrete applications emerge. The eventual integration of blockchain and smart contracts into real estate has the potential to transform the way properties are bought, managed and sold. Possible applications include creating a digital identity for real estate, facilitating the transparent and immutable transmission of property information and simplifying the due diligence process, as well as reducing the risk of fraud. Smart Contracts could drastically reduce the time of the buying and selling process, down to a few seconds per transaction, and tokenization of properties could facilitate exchange and fractionation, enabling even small investors to access the market. All of the applications listed above have enormous potential, but it will probably take several years to overcome the many technical and legislative hurdles. There is, however, one application of Smart Contracts that may see the light of day sooner than others, namely the use of Smart Contracts to automate payments for site works. Numerous articles in the academic literature hypothesize solutions for the application of this technology as well as some concrete applications, of similar technologies, which will be discussed within this thesis. Through these examples, a model for the implementation of the technology is outlined. Through the use of software such as Building Information Modeling (BIM), all project information can be visualized in a digital format. Technologies such as LiDAR sensors enable the scanning of what has been built on site and the subsequent creation of the As-Built, the actual digital twin of the work. Within the thesis, the application model of the technology is hypothesized in a completely theoretical way. In an articulated process, the BIM project is compared with its Digital Twin. At the same time, all data on the design components and their costs are entered within the Smart Contract. Once compliance with the project is ascertained, payment is made automatically. Within this thesis, the benefits that Smart Contracts can bring to the construction industry, both Client and Contractor side, the professional figures and skills for implementation, and any limitations and critical issues will be explored.File | Dimensione | Formato | |
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Descrizione: The application of Smart Contracts to Automate Payments for Construction Sites Works by Giandomenico Mammone
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https://hdl.handle.net/10589/222886