Risk-oriented management in digital age building production process: blockchain technology

Take a decision in the construction industry involves complex and risky processes in many aspects such as resource procurement, stakeholder selection, and legal procedures. The purpose of the study is to investigate the potential advantages and disadvantages of blockchain applications, which is one of the digital approaches with the integration of risk management decisions in the construction sector. Thereby, it will be possible made to eliminate the uncertainty in the field of innovation within the scope of building production and to carry the risk-oriented management approach to the construction sector. Blockchain technology is a decentralized encrypted directory of transactions where each transaction is recorded. The first example of the system being implemented is crypto money transfers. The digital age in production is shaped by the demand to be managed in an environment where processes are transparent, reliable, accessible and where each transaction is recorded. In this respect, the existence of many benefit potentials has been revealed by the development of a risk-oriented management approach that aims rationality in the decision-making stages of the blockchain application in the building production process in this research. In the study, along with technologies such as IoT and artificial intelligence, the benefits of blockchain technology to risk-oriented management decisions with the concepts of trust, transparency and provability brought to the production processes are revealed.