A Blockchain based Fund Management System for Construction Projects -- A Comprehensive Case Study in Xiong'an New Area China

TL;DR

This paper presents a blockchain-based fund management system for construction projects, demonstrating its effectiveness in enhancing transparency, supervision, and safety in the complex construction industry through a comprehensive case study in Xiong'an New Area, China.

Contribution

It introduces a novel blockchain and smart contract-based fund management system tailored for construction projects, addressing industry trust and transparency issues.

Findings

Improved fund transparency and traceability in construction projects.

Enhanced supervision and safety of construction funds.

Positive impact on investment efficiency and project management.

Abstract

As large scale construction projects become increasingly complex, the use and integration of advanced technologies are being emphasized more and more. However, the construction industry often lags behind most industries in the application of digital technologies. In recent years, a decentralized, peer-topeer blockchain technology has attracted widespread attention from academia and industry. This paper provides a solution that combines blockchain technology with construction project fund management. The system involves participants such as the owner's unit, construction companies, government departments, banks, etc., adopting the technical architecture of the Xiong'an Blockchain Underlying System. The core business and key logic processing are all implemented through smart contracts, ensuring the transparency and traceability of the fund payment process. The goal of ensuring investment quality, standardizing investment behavior, and strengthening cost control is achieved through blockchain technology. The application of this system in the management of Xiong'an construction projects has verified that blockchain technology plays a significant positive role in strengthening fund management, enhancing fund supervision, and ensuring fund safety in the construction process of engineering projects. It helps to eliminate the common problems of multi-party trust and transparent supervision in the industry and can further improve the investment benefits of government investment projects and improve the management system and operation mechanism of investment projects.