Smart contracts and possible applications to the construction industry (Helder CARDEIRA)

Smart contracts and possible applications to the construction industry (Helder CARDEIRA)

Introduction

The Final Report, an inquiry into Construction Industry Insolvency in NSW (Collins 2012), requested by the NSW Government in light of a number of mid-tier builder insolvencies in NSW and the knock-on effect on subcontractors, highlighted payments withheld or not paid, to be at the heart of the problem.
Uncertainties in payments leading to cash flow difficulties have been highlighted as a cause of business failures and escalating disputes in previous research (Carmichael, 2002; Carmichael and Balatbat, 2010). Not surprisingly, most of the 44 recommendations that the Final report put forward to the NSW Government were directly or indirectly related to payments.

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