Benefits of Blockchain Technology in the Prefabricated Construction Industry

The blockchain technology is currently undergoing a global transformation in various industries, including the construction sector. Blockchain technology is required by the construction industry to overcome the present centralized technology's limitations throughout the numerous project life cycles. The ability of the construction sector to take advantage of new technological options to increase productivity has long been criticized. This research looks at the advantages of using blockchain technology in the prefabricated building sector and how it may revolutionize for increased efficiency. In order to collect information from architects, civil engineers, quantity surveyors, mechanical and electrical engineers, construction managers, and project managers, the study used a quantitative survey approach. Using SPSS, the data were evaluated, and the appropriate dispersion measure and inferential statistics were used. The findings showed how blockchain technology might boost efficiency in the construction sector by considering certain project management situations. The study came to the conclusion that, despite being predominantly associated with Bitcoin and other cryptocurrencies, blockchain technology has the potential to provide clarity to the prefabricated building industry's sometimes muddled supply chain.