Factors That Facilitated the Development of Blockchain Technology in the AEC Industry: Study Based on System Dynamics

Abstract

Various factors restrict the forward movement of blockchain technology (BT) in the architecture, engineering, and construction (AEC) industry. These factors frequently interact and change over time. Thus, conducting continual research and recognizing the crucial factors to establish focused policies and strategies for progress are essential. To tackle this issue, this paper puts forward a theoretical research model of the system dynamics of BT development in the AEC industry from a dynamic research perspective. This research model incorporates the technology–organization–environment framework and the technology acceptance model. The research results show that the development trend of BT within the AEC industry follows an overall S-shape. To varying degrees, the key influencing factors at the technological, organizational, and environmental levels can promote the development of BT. Furthermore, the paper analyzes promotion strategies for the key influencing factors at these three levels. We found that promoting organizational drive significantly impacted improving the effect of BT development. For instance, promoting organizational drive twice could improve the effect by 6.85%. On the other hand, promoting technological factors had a lesser effect; doubling that promotion resulted in an improvement of only 4.53%. Additionally, in the initial phases of BT development, its maturity, compatibility, and adoption cost play a more pronounced effect in determining the level of its development. The research findings aim to enable analyzing the key factors that influence AEC industry development by leveraging BT. This analysis provides the government with the necessary information to create policies that relate to BT. It also shows how adopting this technology can help businesses to reduce costs and improve efficiency.