Blockchain-Based Transparent And Secure System For Construction Equipment And Machinery Rental

Blockchain-Based Transparent And Secure System For Construction Equipment And Machinery Rental

202120230 Fatima Zahra

202111661 Maha Safdar

 Did you know that the construction industry is consistently ranked as one of the most corrupt industries in the world? The global construction equipment market is expected to grow by 56.77% from $151.60 billion in 2023 to $237.66 billion by 2030. However, without significant interventions, projections showcase that by 2030 up to US$5 trillion could be lost annually to corruption and fraud in construction across the world. With this growth, there is a need for more secure and transparent rental processes to prevent fraud and ensure accountability. By implementing a blockchain-based solution for construction equipment and machinery rental, we aim to reduce rental fraud, increase accountability, and streamline the rental process by removing operational inefficiencies, potentially saving the construction industry millions of dollars in overhead, cost overruns and fostering a culture of trust.