Construction blockchain technology for contractors, heavy equipment, machinery and construction suppliers will improve efficiency.
The use of technology has made previously complicated tasks easier. A single machine can now finish the job that previously demanded the full force of five people. Mobile applications are now available to help us in our daily tasks. Various industries have learned to adopt developments that improved our way of doing things.
In the construction, heavy equipment and mining industries, however, extra caution should be made when implementing new technologies because they are highly regulated and should make sure that they adhere to the guideline set for them by the government, which is only fair because we entrust them to do structurally sound homes, buildings, and schools where we do business daily.
Fortunately, blockchain technology can help the construction industry embrace new technologies without having to compromise safety. Blockchain is a technology that records the conditions and steps needed to perform a transaction in an organized and secure manner.
Four potential uses of blockchain in the construction industries are discussed in the article.
Construction Blockchain Application: Data Collection
First, it can record exchanges. Blockchain works like Wikipedia. Anybody can edit it and save new information but previous versions and who wrote them can still be accessed.
Construction Blockchain Application: Payment
Second, Smart contracts which work through a computer program can be executed. This system works following the if / then principle so payments to contractors and workers will only be made if the program validated that they satisfied the requirements.
Construction Blockchain Application: Contracts
A group of smart contracts can also be formed and these are called Decentralized Autonomous Organization (DAO).
Construction Blockchain Application: Security
Lastly, the blockchain can also be used to verify identities as it can store IDs certified by authorities so you can be sure that you are hiring people with background of the job and have clean record with the police. It can also display the history of a piece of land that you are planning to buy so that you would know how they were used previously. This is why blockchain is known to take away uncertainties when dealing with people for the first time.
Blockchain is something that the construction industry should consider to adopt as this will not sacrifice their integrity.