Smart contracts and possible applications to the construction industry (Helder CARDEIRA)
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Introduction
The Final Report, an inquiry into Construction Industry Insolvency in NSW (Collins 2012), requested by the NSW Government in light of a number of mid-tier builder insolvencies in NSW and the knock-on effect on subcontractors, highlighted payments withheld or not paid, to be at the heart of the problem.
Uncertainties in payments leading to cash flow difficulties have been highlighted as a cause of business failures and escalating disputes in previous research (Carmichael, 2002; Carmichael and Balatbat, 2010). Not surprisingly, most of the 44 recommendations that the Final report put forward to the NSW Government were directly or indirectly related to payments.