Digital Building Twins and Blockchain for Performance-Based (Smart) Contracts
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arXiv
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| Format: | Preprint |
| Published: |
2021
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| _version_ | 1866909189873336320 |
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| author | Hunhevicz, Jens J. Motie, Mahshid Hall, Daniel M. |
| author_facet | Hunhevicz, Jens J. Motie, Mahshid Hall, Daniel M. |
| contents | Performance contracts used for servitized business models enable consideration of overall life-cycle costs rather than just production costs. However, practical implementation of performance contracts has been limited due to challenges with performance evaluation, accountability, and financial concepts. As a solution, this paper proposes the connection of the digital building twin with blockchain-based smart contracts to execute performance-based digital payments. First, we conceptualize a technical architecture to connect blockchain to digital building twins. The digital building twin stores and evaluates performance data in real-time while the blockchain ensures transparency and trusted execution of automatic performance evaluation and rewards through smart contracts. Next, we demonstrate the feasibility of both the concept and technical architecture by integrating the Ethereum blockchain with digital building models and sensors via the Siemens building twin platform. The resulting prototype is the first full-stack implementation of a performance-based smart contract in the built environment. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2105_05192 |
| institution | arXiv |
| publishDate | 2021 |
| record_format | arxiv |
| spellingShingle | Digital Building Twins and Blockchain for Performance-Based (Smart) Contracts Hunhevicz, Jens J. Motie, Mahshid Hall, Daniel M. Cryptography and Security Performance contracts used for servitized business models enable consideration of overall life-cycle costs rather than just production costs. However, practical implementation of performance contracts has been limited due to challenges with performance evaluation, accountability, and financial concepts. As a solution, this paper proposes the connection of the digital building twin with blockchain-based smart contracts to execute performance-based digital payments. First, we conceptualize a technical architecture to connect blockchain to digital building twins. The digital building twin stores and evaluates performance data in real-time while the blockchain ensures transparency and trusted execution of automatic performance evaluation and rewards through smart contracts. Next, we demonstrate the feasibility of both the concept and technical architecture by integrating the Ethereum blockchain with digital building models and sensors via the Siemens building twin platform. The resulting prototype is the first full-stack implementation of a performance-based smart contract in the built environment. |
| title | Digital Building Twins and Blockchain for Performance-Based (Smart) Contracts |
| topic | Cryptography and Security |
| url | https://arxiv.org/abs/2105.05192 |