Understanding Stakeholders Needs for Using Blockchain Based Smart Contracts in Construction Industry of Thailand: Extended TAM Framework

Abstract

Traditionally, the contractual transactions between untrusted parties were generally carried out in a centralized form, requiring a trusted third party to act as a witness, and make them legally binding, enforceable and trustful. However, the process of involving a third party is associated with high expenses and delays. The Blockchain technology has been developed to address these issues, by allowing parties to enter into contractual agreements without involvement of third parties. The contract allows conducting of trusted agreements and transactions between unknown parties without the need of having an enforcement mechanism, trusted third party or legal system. In the construction sector, the smart contracts would help eliminate the slow, expensive and brittle transactions, associated with integrity and transparency issues due to potential records manipulation of the traditional contracts. This study focused on designing a blockchain smart contract adoption model and understanding stakeholders' needs for using blockchain-based smart contracts in construction industry. The study proposed the extended Technology Acceptance Model, which illustrates the constructs around the adoption and use of the blockchain smart contracts in Thailand construction sector. The model suggests that factor such as perceived financial costs, facilitating conditions, trust and readiness has influence on the construct of perceived usefulness (PU) and perceived ease of use (PEOU), which affects the behavioral intention to use the blockchain smart contracts in construction industry of Thailand.