Blockchain based Security Solutions with IoT Application in Construction Industry

Abstract

Blockchain Technology is an evolving digital technology that has become widely applicable in different industry and business sectors in recent years, particularly in financial and banking areas due to the rapid rise in the value of cryptocurrencies in recent years. A blockchain technology is basically a decentralized database that records any transaction made within the network, which is known as a ‘node,’ which includes encrypted data from the entire background of the transaction. In any sector, the implementation of decentralized technology lead to strengthening, protection, implementation of accountability and a transition from current centralized systems to a decentralized system, which is required in construction industry. The construction industry will continue to be a crucial engine of economic development for all nations. Construction industry is one of the world’s most important sectors. Application of Blockchain and IoT plays a very important role in construction industry. In construction industry, the decentralized ledger of data gathered from sources includes transactions and accounts via a linked network and relies on the agreement between the node points, which strengthens Blockchain’s transparency, traceability, and collaborative existence. This paper presents an overview and motivation for the application of IoT & Blockchain Technology in the construction industry. The integration of Blockchain technology and IoT (Internet of Things) strengthens the whole system and makes real time more applicable. This paper therefore shows Blockchain’s potential applications with IoT in the infrastructure and construction industry.