![]() With the Indian construction industry context, the paper tries to understand the cryptocurrency and its market in India: People’s viewpoint, human perception/psychology and its factor, few minor case studies, to discuss the current payment practices in the construction industry, to analyse the challenges and opportunities of using cryptocurrency as a payment option in the construction industry. With the note mentioned earlier the usage of cryptocurrency in some countries considering the Indian construction industry where the cryptocurrency can be a way of alternative payment option for the employer, employee, customers where the Indian government is in the mission of adopting ‘digital India’ which provides an opportunity to adopt cryptocurrency. The increase in the trend of cryptocurrency and acceptance can be a way forward to adopt this change. ![]() Since 2009 Bitcoin emerged as the first cryptocurrency and utilised as a medium of exchange for buying/selling, the transaction for the goods/services in some parts of the countries like India, Japan, the US, Nigeria, Germany, Canada, Philippines, France, Australia, Peru, Singapore which is legal and with some added conditions like taxable, regulations. People around the world have started investing in cryptocurrency. The cryptocurrency is unissued by the central authority, resistant to any government interference, manipulation. Medium of exchangeĬryptocurrency remains a medium of exchange virtually / digital currency which is encrypted by cryptography based on the blockchain technology to record the transaction which makes a secured payment platform. To tackle the issue as much as possible there is an opportunity to go with the other medium of exchange called Cryptocurrency as an alternative payment option. During the transaction, the employer/contractor faces a few issues from the bank, higher transaction fee, security, frauded transaction, a transaction failure, unethical activity, fraud records. We have come across a common way of payment to the employee from the employer through bank transactions which might be Net banking services such as real-time gross settlement (RTGS), National electronic fund transfer (NEFT), Immediate payment service (IMPS), Cheque’s mode, cash. The construction project deals with many stakeholders that offer goods and services to the employer to develop a unique structure during this course of time the medium of exchange deals from lakhs to billions in rupees. The business activity in the construction industry involves billions of transactions over a period based on the construction project timeline. The medium of an exchange witnessed is bartering system, metallic money, paper money, credit money, mobile payment mode, virtual currency. Acquiring resources required a standard mode of transaction like “medium of exchange, measurement unit, wealth security” to trade goods and services. ![]() Introduction Human history has witnessed the evolution of currency from barter to digital payments. This study will be valuable for learning graduates, construction professionals looking for alternative payment options, blockchain technology adoption, challenges, and opportunities of cryptocurrency.ġ. The study consists of a literature review to find the research gap, basic discussion on the cryptocurrency with a brief case study from the informative articles published, the questionnaire survey was floated among the construction industry professionals to get their insights on the topic stated such as current payment practices in the construction industry, awareness, the construction industry-related challenges and opportunities are covered concerning cryptocurrency as an alternative payment option. This empirical study is carried out to carefully explore the opportunities and challenges of cryptocurrency as an alternative payment option: Indian construction perspective. The trend of cryptocurrency usage in the market has emerged a few years back, and its considerable expansion in the other markets has been witnessed and heard globally. Payment practices in the construction industry have witnessed a drastic change from bartering/cash to the bank transfer system. Alternative options convenient and emerging in the industry has some pros and cons, having some background research on it and exploring can benefit the industry to move forward. Forecasting or exploring the alternative options in any industry for progressively improving previous practice, to be unique, to realistically achieve tangible benefits will certainly help to be better in the key industry.
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