Modeling blockchain adoption in the construction industry using evolutionary game theory: a case study from India

Abstract

Purpose This study aims to address the issue of insufficient exploration regarding how government policies impact the adoption of blockchain technology (BT) within the construction sector. To fill this gap, the research aims to develop a comprehensive framework using evolutionary game theory (EGT) to analyze the effects of BT policies. Design/methodology/approach The methodology thoroughly examines BT policies, evaluating positive incentives and mandatory regulations, including subsidies and regulations, using EGT. This approach provides insights into how government policies influence BT adoption among construction stakeholders. Findings Findings reveal stable evolutionary strategies among stakeholders and observe that government agencies' limited promotion results in low adoption rates. Government subsidies are suggested while also recognizing the limited effectiveness of punitive measures. This study highlights the importance of proactive government involvement in promoting BT adoption and stresses the significance of subsidies in facilitating this process. Originality/value The implications of this research are relevant to policymakers and industry stakeholders, guiding the crafting of effective policies to drive BT adoption within the construction sector. The necessity of incorporating bounded rationality assumptions in mathematical modeling to capture decision-making dynamics accurately is emphasized.