Investigation of barriers and mitigation strategies to blockchain technology implementation in construction industry: an interpretive structural modeling approach.

Abstract

Blockchain technology has emerged as a promising solution for enhancing transparency, efficiency, and security in various industries, including construction. However, implementing blockchain in the construction industry faces several barriers that hinder its widespread adoption. To fill this gap, this study is aimed at identifying and discussing the key barriers to implementing blockchain in the construction industry. The study employs a four-phase methodology. In the first phase, barriers are identified through a comprehensive literature review and supplemented with semi-structured interviews with different stakeholders, identifying critical barriers. The second phase involves data collection from ten construction experts, while the third phase utilizes the interpretive structural modeling (ISM) technique for data analysis. In the fourth phase, ten effective strategies are formulated to tackle the identified barriers and their interdependencies. The results reveal the overall structure of barriers and classify them into four groups based on driving and dependence power using the cross-impact matrix multiplication applied to the classification (MICMAC) technique. The identified barriers include a lack of collaboration in consortium formation, insufficient capacity and performance, and regulatory uncertainty, which hinders blockchain implementation in the construction industry. The research findings provide valuable information for policymakers on the overall structure with barriers and implementation in India and other countries with similar situations. Additionally, the management implications of the results were analyzed to facilitate the effective implementation of measures to overcome the obstacles and increase the level of blockchain adoption in the construction industry.