The Contract Management Group studies opportunities to use blockchain technologies to improve contract management and payment practices. The group is looking at a range of issues including chronic late payments and complementing late payment legislations, lack of auditable construction performance data, poor archiving practices, opportunities for fraud and a lack of transparency and trust.
Distributed ledger technologies and digital tokens for the first time allow the creation of new classes of decentralized business-to-business marketplaces and economies which will allow more efficient interactions between participants. Smart contracts can act to enforce payment agreements between parties and cryptographically protected public ledgers can capture these agreements and related transactions in a secure and auditable fashion. Native digital tokens can incentivize mutually beneficial behavior and ensure predictability and timeliness of financial transactions.
To achieve its objective, the group intends to bring together the key stakeholders from government, professional and trades associations and private sector impacted by the existing practices. Our group plans to solicit requirements and feedback from these groups and publish white papers, articles, and presentation materials to be made exclusively available to GBA members.