Performance Evaluation of Control Variables for the Development of a Blockchain Model for Construction Projects

Many factors affect the progress and life cycle of a real-estate project. Therefore, evaluating such factors has become an indispensable and fundamental component of every firm operating in the real-estate industry. This paper aims at identifying and evaluating the control variables associated for the development of blockchain model applicable to construction projects. When a cutting-edge technology like blockchain is applied to this kind of job, it has the potential to become far more efficient. As a result, the purpose of this research is to develop a preliminary process framework that can direct users who are interested in utilising blockchain technology as a tool, as well as to identify the factors that influence the use of blockchain technology as a smart contract, supply chain management, and financing instrument tool by presenting them in the form of key performance indicators (KPIs). Eight major project factors like technology, organisation, finance, environment, BIM, data management and security, input–output, and project-process related have been identified. Subsequently significant KPIs have been identified under each category. Multi-criteria decision-making (MCDM) tool analytic network process (ANP) is used to establish the weights of the criterion based on the replies from three-stage questionnaire surveys performed among industry professionals working for prominent construction businesses in Ahmedabad, Gujarat, India. This study will reduce the possibility of time and cost overrun and enhance the probability of successful completion of a project within stipulated time and cost frame.