Construction industry and blockchain technology integration: Analysis of building information modeling based process and cost analysis (4D and 5D) on digital assets

With the changing and digitalizing world, digital assets and blockchain technology, which have recently entered our lives, show their impact in all sectors. This technology, which increases its impact and popularity day by day, has started to show its effect on the construction sector, which has great difficulty in adopting and adapting to technology. It is seen as an inevitable fact that the construction sector and blockchain technology will work in an integrated manner in the future. The study aims to make a comparative analysis on the usability and integration of digital assets that are trying to gain a place in the new world order instead of the fiat currencies that have been accepted by everyone for centuries in payments and cash flow in the construction sector, to bring an innovative perspective to payment units in the sector and to examine the consequences of this. Within the scope of the thesis study, a comprehensive literature review was conducted on blockchain technology and digital assets (cryptocurrencies) based on this technology. The areas where blockchain technology is used in the construction industry are examined. Through Building Information Modeling, architectural representations of the selected sample project were created and time and cost plans were made. The calculated construction approximate cost and monthly progress payments were calculated separately in terms of cryptocurrencies and the data obtained were compared. This thesis is based on the question of whether payments can be made with digital assets in the context of the Turkish construction industry. Through the comparisons made, it is concluded that the Turkish construction industry and economy do not yet have the appropriate environment for the use of digital assets in construction contracts. However, the integration of blockchain technology with the construction industry is predicted to result in positive changes in the sector in the long term.