Evaluation of Existing Payment Systems Towards Adoption of Smart Contract
Keywords:Keywords: Payment Systems, Smart Contract, Construction, Projects, Automation
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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© 2022, Centre for Foundation and Interdisciplinary Studies, Baze University, Abuja
Electronic Publication 2022
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