No industry has been spared the Internet. No industry will be spared the Blockchain.
How Blockchain Will Change Construction Blockchain technology is among the most disruptive forces of the past decade. Blockchain’s power to record, enable, and secure huge numbers and varieties of transactions raises an intriguing question: can the same distributed ledger technology that powers bitcoin also enable better execution of strategic projects in a conservative sector like construction, involving large teams of contractors and subcontractors and an abundance of building codes, safety regulations, and standards? ....... set up a blockchain-enabled project management system to make the building development lifecycle more efficient. .. registering transactions at legally binding moments, where accuracy and an audit trail are essential .. “Blockchain provides a platform for clearly cascading work products down the chain and holding everyone accountable for completing key tasks” ....... The system’s benefits include timely information, unambiguous communication, and fewer mistakes. ... They also develop trust, which reduces friction in their mutual business processes. “Stakeholders spend more time discussing creative design and building method options.” ..... 95 percent of building construction data currently gets lost on handover to the first owner ...... the potential to capture and secure a construction project’s documentation in a blockchain ledger that parties can navigate and give to the owner as a deliverable. ...... The blockchain-encoded specifications are granular—paint colors, ceiling fixtures, LED bulbs, door hardware—plus manuals, warranties, and service life in a countdown clock that building owners can monitor. ........ building owners get a living ledger of everything that has happened with the building. ..... “But the industry is very relationship based. There are many family-owned firms and private companies. The selection of contractors and subcontractors can be based on relationships that have existed for decades.” ...... While the fundamentals of project management will remain important, blockchain enables managers to focus their talents on solving problems and achieving better project outcomes.
