Oke, A E; Aliu, J; Ehiosun, L U; Ebekozien, A and Rotimi, A A (2024) From hurdles to heights: Blueprint for tackling distributed ledger technology challenges in the construction sector of a developing economy. Journal of Financial Management of Property and Construction, 29(3), pp. 405-424. ISSN 1366-4387
Abstract
Purpose: The emergence of distributed ledger technology (DLT) has transformed the way construction industries approach data management, ushering in an era of increased transparency, security and efficiency. The purpose of this study is to investigate the strategies to promote the adoption of DLT in the Nigerian construction sector. This was done to address the challenges that hinder the widespread adoption of DLT within the Nigerian construction sector. Design/methodology/approach: A comprehensive literature review informed the design of a structured questionnaire for data collection. The questionnaire was distributed among diverse construction professionals to explore their perceptions of potential strategies. The collected data were analyzed using the Shapiro–Wilk test for data distribution, while mean values and standard deviations were used to facilitate the ranking of strategies. The Kruskal–Wallis H-test was used to assess opinion differences, and exploratory factor analysis was applied to uncover underlying dimensions. Findings: The findings revealed the top five strategies for DLT adoption as conducting workshops and seminars to educate professionals, collaborating with universities for DLT courses, encouraging joint projects for shared insights, forming consortia for DLT standards and allocating funding for DLT research in construction. Through factor analysis, the strategies identified were categorized into four principal clusters: awareness and education advancements, government support and incentives, industry collaboration and standards and pilot projects and demonstrations. Originality/value: While prior studies have identified barriers to DLT adoption and offering recommendations, this research advances the field by empirically investigating and assessing several of these strategies proposed in various studies. This approach provides valuable insights that go beyond existing research, offering a deeper understanding of the practical and contextual dynamics influencing DLT adoption in the construction sector. © 2024, Emerald Publishing Limited.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | asset lifecycle; blockchain technology; construction industry; distributed ledger technology; smart contracts; supply chain management |
| Index terms: | deviation, data management, workshop, consortium, government support, efficiency, blockchain, transparency, dimension, construction industry, smart contract, lifecycle, factor analysis, dynamics, funding, construction professional, developing economy, literature review, strategy, data-distribution, exploratory factor analysis, emergence, construction sector, questionnaire, collaboration, methodology |
| Subjects: | computing systems, government bodies, construction type, data collection methods, data analysis and analytics, health monitoring assessment and metrics, economic analysis, financial and cost management, project delivery, digital technology, professional development, economic development, management, performance management, data exchange, research methods, industry analysis, statistical analysis, systems engineering, data management, partnership management |
| Topics: | Health and Safety, Cost Management, Business Strategy, Information Management, Engineering Principles, Research Practice, Project Management, Stakeholder Management, Governance, Construction Technology, Digital Applications, International Construction, Quality Management, Organizational Design |
| Descriptive scope: | 4 PCTA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here