Scott, Denis;
Broyd, Tim;
Ma, Ling;
(2022)
Conceptual framework of a Project Bank Account (PBA) blockchain payment application for the construction industry.
In:
Proceedings of the 2022 European Conference on Computing in Construction.
European Council on Computing in Construction (EC3): Ixia, Rhodes, Greece.
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Abstract
The UK government published a guidance document in 2012 stipulating the use of project bank accounts (PBA) to promote fair and prompt payment practices in the construction industry. PBA utilises a project-specific escrow bank account to provide greater cash flow auditability and mitigate cascading payments down the supply chain. However, PBA is bureaucratic to manage and costly to set up. This paper will investigate whether blockchain can be used as an alternative system for executing PBA payments.
| Type: | Proceedings paper |
|---|---|
| Title: | Conceptual framework of a Project Bank Account (PBA) blockchain payment application for the construction industry |
| Event: | European Conference of Computing in Construction 2022 |
| Location: | Rhodes, Greece |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.35490/EC3.2022.188 |
| Publisher version: | https://doi.org/10.35490/EC3.2022.188 |
| Language: | English |
| Additional information: | This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Blockchain, project bank account, payment automation, construction industry, Ethereum, smart contracts. |
| UCL classification: | UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS UCL |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10157310 |
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