Evaluation of Existing Payment Systems Towards Adoption of Smart Contract

Authors

  • Chioma Precious Ekweani, Baze University Abuja
  • Alice Taiye Ogunlolu Baze University Abuja
  • Mubarak R. Ibrahim Baze University Abuja

Keywords:

Keywords: Payment Systems, Smart Contract, Construction, Projects, Automation

Abstract

The aim of the paper is to investigate the existing payment system in Nigerian Construction Industry as a means of recommending an improved system for payment of construction projects to meet future challenges. A qualitative systematic review was conducted to gather the challenges of the existing payment system followed by an interview with construction contract administration professionals. The findings reveal that to minimize existing payment issues among contracting parties, the adoption of self-executing contracts as well as better interpretation of contract conditions/terms at the outset of contract execution are required. The paper concludes that smart contract payment system can significantly abate payment related-issues and is more suitable for adoption in a technologically-enabled environment.

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Published

2022-10-31

How to Cite

Ekweani, , C. P., Ogunlolu, A. T., & Ibrahim, M. R. (2022). Evaluation of Existing Payment Systems Towards Adoption of Smart Contract . Baze University Journal of Entrepreneurship and Interdisciplinary Studies, 1(2). Retrieved from http://koha.bazeuniversity.edu.ng/index.php/bujeis/article/view/55

Issue

Vol. 1 No. 2 (2022): Baze University Journal of Entrepreneurship and Interdisciplinary Studies

Section

Articles

License

© 2022, Centre for Foundation and Interdisciplinary Studies, Baze University, Abuja

 

Electronic Publication 2022

 

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