Abstract Timely payment of project participants is crucial for successful completion of construction projects, however the construction industry worldwide suffers from poor payment practices. The existing research studied the reasons and the consequences of the payment problem, but very few studies proposed methods for eliminating the problem. In this paper a novel smart contract payment security system named SMTSEC is presented for eliminating or reducing payment issues in the construction sector. The SMTSEC ensures security of payment of construction contracts through an automated computerized protocol that runs on a decentralized blockchain. The potential contributions and limitations of the proposed SMTSEC are studied through a real construction project. The main contribution of the SMTSEC is that it provides a new method for timely and transparent payment of construction projects by guaranteeing security of payment for works under construction without requiring administrative costs and burdens of trusted intermediaries such as lawyers or banks.

中文翻译：

---

一种保障施工合同支付安全的智能合同系统

摘要 及时向项目参与方付款是建设项目顺利完成的关键，然而世界各地的建筑行业都存在付款方式不佳的问题。现有的研究对支付问题的原因和后果进行了研究，但很少有研究提出解决问题的方法。在本文中，提出了一种名为 SMTSEC 的新型智能合约支付安全系统，用于消除或减少建筑领域的支付问题。SMTSEC 通过在去中心化区块链上运行的自动化计算机化协议确保施工合同付款的安全性。通过一个真实的建设项目研究了拟议的 SMTSEC 的潜在贡献和局限性。