Distributed ledger technology applications for advancing construction practices in Nigeria
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Abstract
The purpose of the study was to evaluate the application areas of distributed ledger technologies (DLTs) in the construction industry, aiming to enhance construction practices in Nigeria. The study examined how DLTs could transform various facets of construction through their unique attributes and capabilities. This objective was achieved through a quantitative research approach, utilizing a structured questionnaire to systematically gather data from various stakeholders in the Nigerian construction sector. Data obtained were analyzed using percentages, frequencies, mean scores, the Kruskal–Wallis H-test, the Shapiro–Wilk test, exploratory factor analysis, and unifactorial analysis. The most highly ranked application areas of DLT in the construction industry are payment management, asset management, property management, supply chain management, and smart contracts. Further analysis revealed four distinct clusters of application areas, namely, construction lifecycle management, project lifecycle enhancement, resource and financial management, and project oversight and optimization. The practical implications of this study pave the way for improved construction practices, regulatory support, technological innovation, and investment opportunities in the construction sector. These findings provide valuable insights for stakeholders seeking to leverage the transformative potential of DLTs in construction. While the impact of DLTs has been explored in various sectors globally, this research uniquely focuses on opportunities specific to Nigeria’s construction sector. The findings of this study offer insights into the unique ways that DLT can address industry-specific challenges, enhancing project management, financial processes, quality assurance, sustainability efforts, and more.
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