Blockchain Exploratory Analysis in Strategic Management

With the use of consensus mechanism, cryptocurrency, and accurate asset tracking, block chain technology, is a peer regulated framework. The current methods of doing business in the construction industry might be drastically altered by adopting a distributed database system. The construction sector has frequently been criticized for its delayed adoption of new technology through its supply networks in a way that is not efficient. Widespread fragmentation, outdated supply chain, harmful competitive pressure, a lack of collaboration and accountability, slim profit margins, and a dearth of human assets are all often mentioned as major contributors. Through an explorative approach, this paper examines ways to get construction supply chains ready for blockchain technology as it gains traction in many other sectors, including finance and banking. Focus groups and moderately discussions with 17 subject specialists helped gather the study's empirical data. The study also provides a SWOT (strengths, weaknesses, opportunities, and threats) analysis and outlines the prerequisites and processes toward a Blockchain-enabled building supply structure.