Distributed Ledger Integration of Construction Contracts (d-LINC)

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"Construction is the third largest industry in the UK, worth ~£99bn or 6% of GDP, employing 2.7m people directly, ~8.5% of total employment. Worldwide, construction spend will grow by $8tn to \>$17.5tn by 2030, 57% of all global growth. Robust contract administration is essential to help keep the industry competitive. Yet the industry is far from efficient -- there is a clear need for digitisation leading to automation; higher trust and fewer legal disputes; and timely payments.This project develops a Distributed Ledger Technology (DLT) solution, which streamlines contract administration processes, keeps immutable record of major contractual events for audit purpose, and enables instantaneous payments across the supply-chain. We see potential positive impacts across clients/employers, contractors and sub-contractors. The result will be increased transparency, lower rate of manual mistakes and points of conflict, leading to new collaborative models for construction."