TY - GEN
T1 - CONTRACT THEORY-BASED BLOCKCHAIN REWARD AND PENALTY MECHANISM FOR CONSTRUCTION TENDERING AMONG MULTIPLE STAKEHOLDERS
AU - Zhan, Zijun
AU - Dong, Yaxian
AU - Doe, Daniel Mawunyo
AU - Hu, Yuqing
AU - Li, Shuai
AU - Cao, Shaohua
AU - Han, And Zhu
N1 - Publisher Copyright:
© 2024 European Council on Computing in Construction.
PY - 2024
Y1 - 2024
N2 - With the prosperity of the Web 3.0 era, the construction sector is turning to blockchain-based tendering to address stakeholder conflicts. However, bid rigging among suppliers and information asymmetry between suppliers and the general contractor (GC) potentially undermine the GC utility. To this end, we introduce contract theory into the blockchain-based tendering framework to augment the utility of GC. Simulation results indicate a potential 20.7% profit increase for the GC, due to fostering competition among suppliers, such as material delivery time, compared to traditional blockchain-enabled bidding processes.
AB - With the prosperity of the Web 3.0 era, the construction sector is turning to blockchain-based tendering to address stakeholder conflicts. However, bid rigging among suppliers and information asymmetry between suppliers and the general contractor (GC) potentially undermine the GC utility. To this end, we introduce contract theory into the blockchain-based tendering framework to augment the utility of GC. Simulation results indicate a potential 20.7% profit increase for the GC, due to fostering competition among suppliers, such as material delivery time, compared to traditional blockchain-enabled bidding processes.
UR - http://www.scopus.com/inward/record.url?scp=85203445049&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85203445049&partnerID=8YFLogxK
U2 - 10.35490/EC3.2024.260
DO - 10.35490/EC3.2024.260
M3 - Conference contribution
AN - SCOPUS:85203445049
SN - 9789083451305
T3 - Proceedings of the European Conference on Computing in Construction
SP - 26
EP - 33
BT - Proceedings of the 2024 European Conference on Computing in Construction
A2 - Srećković, Marijana
A2 - Kassem, Mohamad
A2 - Soman, Ranjith
A2 - Chassiakos, Athanasios
PB - European Council on Computing in Construction (EC3)
T2 - European Conference on Computing in Construction, EC3 2024
Y2 - 14 July 2024 through 17 July 2024
ER -