Block by block: potential and challenges of the blockchain in the context of facilities management. Issue 6 (1st November 2022)

• Record Type: Journal Article
• Authors: Collins, D; Lindkvist, C
• Is Part Of: IOP conference series. Volume 1101:Issue 6(2022)
• Publication Date: 2022-11-01
• Subjects: Earth sciences -- Periodicals; Environmental sciences -- Congresses; Environmental sciences -- Periodicals; 550.5
• DOI: 10.1088/1755-1315/1101/6/062003
• Languages: English
• ISSNs: 1755-1307

Abstract

Abstract: The purpose of this paper is to demonstrate possibilities for the blockchain to impact Facilities Management and the challenges that its implementation would present. This paper mostly takes the form of a theoretical study involving desk research and limited case study examples. The paper shows that the growth of blockchain technology is becoming more and more embedded in various industries and that the building and FM sectors may be potential candidates for its future implementation under certain circumstances. Blockchains are not a fully established technology in FM so the potential value of them is yet to be established. Smart contracts and documentation recording in blockchains such as Ethereum can schedule maintenance better, ensure supplier, landlord and tenant contracts are more robust and easier to action. This paper also shows that blockchain technology is not without its challenges such as a lack of privacy and the fact that it is still an emerging technology. However, new competencies and understandings are essential in preparing for what is increasingly likely to be an inevitable future for the industry. This leads to the question of whether blockchains shape their infrastructure to FM, or whether FM should be the medium to change. The results of this paper can be of benefit to facilities and building managers, property developers, blockchain experts as the era of big data, digital twins and smart buildings becomes increasingly pervasive