Incorporating Cryptocurrency Platforms for Advancing Financial Transaction Within the Construction Industry

Cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology, a distributed ledger enforced by a disparate network of computers. In this era of digital revolution that is aimed at increasing transparency and lowering operational cost, it is essential to incorporated digital finance into the construction industry. The aim of this study is to examine the usability of cryptocurrency platforms for financial transactions in the built environment. 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 technique with the use of a questionnaire. With the help of SPSS, the data were analyzed, and the appropriate measure of dispersion and inferential statistics were used. The study revealed the professionals within the built environment agrees that Cryptocurrency platform like avalanche, ethereum, solano, polkadot can serve as a medium of financial transaction within the built environment. The findings also revealed that because they do not use third-party intermediaries, cryptocurrency transfers between two transacting parties are faster as compared to standard money transfers. The study therefore concluded that the use of cryptocurrency platforms should be encourage as it can serve as access to new capital for construction establishments.