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4 The smart contract in construction

Innovating Construction Law


Page 69

4

The smart contract in construction

The smart contract in construction

Yogi Berra once said, “it's tough to make predictions, especially about the future” 1 This joking truism counsels caution and a wait and see approach to predicted developments. This is particularly sage advice in the fast-paced world of technological innovation. However, part of the role of an academic is to future gaze and help to prepare the ground. The possibilities for new approaches to be adopted in the construction and engineering sectors currently feel limitless. Consequently, these are interesting times. This is partially because many of the innovations and initiatives have already made substantial progress in other industries; take, for example, robotics in vehicle manufacture. The leaders of today and tomorrow should therefore be exhorted to look to windward and set a course to deliver the improvements from which the construction industry has been missing out. A clear path now appears within reach through the medium of smart contracts and enhanced collaboration.

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