BIMcontracts – secure digital transactions in the construction industry
BIMcontracts focuses on an innovative solution to automate payment and contract management in the construction industry. The aim is to make the contractual processing of construction works faster, more transparent and more trustworthy in the future. This goal can be achieved by combining blockchain‐based smart contracts with digital building models, thereby establishing secure automated contract structures and billing processes. The digital building model with the linked bill of quantities serves as the basis for the contract. To automate payment transactions, a billing plan is agreed‐upon on this basis, in which the billing units and the assigned payments are defined. The digital contract component includes, in particular, billing arrangements that can be expressed as if‐then relationships in a smart contract and processed further in an automated manner.