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Construction Industry
The leading source for blockchain in the Construction Industry
The construction industry has frequently been mentioned as one of the world’s most fragmented, high impact sectors and has regularly been challenged to improve its efficiency, productivity, and to seize the opportunities presented by emerging technologies.
By decentralizing history, tracking constructers, and refining payment options, blockchain is becoming a valuable tool for construction industry, transforming the industry worldwide.
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- The distributed ledger in blockchain can store lifecycle information about every asset in a building project, like warranties, certifications, and replacements
- Using Building Information Management technology, an unchallengeable, digital replica of the construction project is set up within the blockchain.
- Smart contracts work on milestones, so when each milestone is reached, payments will automatically proceed
- Smart contracts infuse written agreements, so all contracts are accessible with a simple search without replicating data
- A ‘reputation ledger’ serving to track subcontractors’ deliverables and work as a benchmark for the recruitment process
- Shared project management dashboard provides a communication platform between different players
Blokchain in Construction Industry - Case Study