If you are following our latest cryptocurrency news, you know that blockchain is one of the most popular topics – as a technology which is set to revolutionize every single aspect of our life. In a new report on Harvard Business Review, the topic of blockchain in construction was brought up – again featuring DLT as one of the most disruptive forces of the past decade.
Blockchain’s power to record, enable and secure huge numbers and varieties of transactions raises a big question: Can the distributed ledger technology (DLT) powering Bitcoin also enable a better way to deal with strategic projects in conservative sectors like construction?
Blockchain in construction is a big trend in the tech circles. People believe that the technology has the power to revolutionize construction, even if it takes involving large teams of contractors and subcontractors and an abundance of building codes, regulations and standards.
“Increasingly, we are thinking more carefully about when and where we need to compete and what can we share and collaborate on,” noting that blockchain can certainly automate the contractual processes and paperwork underpinning the complex projects.
On top of this, the director believes that blockchain in construction could free up valuable resources and speed up project delivery. What’s even more interesting is the fact that blockchain could be also used in commercial real estate.
For example, the Amsterdam-based company HerenBouw is already applying blockchain to large-scale development projects in the Amsterdam harbor. The objective of this company is to bring the idea of blockchain in construction to life – and make the building development lifecycle more efficient.
“Blockchain provides a platform for clearly cascading work products down the chain and holding everyone accountable for completing key tasks,” the founder of Propulsion Consulting Marc Minnee said.
Aon, which is a global risk advisor to the construction industry, estimates that 95% of the building construction data currently gets lost on handover to the first owner. However, blockchain in construction can fully radicalize this idea and bring a lot of novelties in this specific sector.
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"There's billions of dollars of unclaimed royalties out there," Parson said. "The blockchain can help millions of artists claim what is rightfully theirs."For those of you who don't know Ditto Music from the blockchain news, the company has paid out $100 million in royalties last year and now claims that a roster of 250,000 artists are behind it - including big names such as Ed Sheeran, Sam Smith and Royal Blood. Bluebox is designed to split royalty payments for a recording's lifetime and track the plays accurately on the system.Parsons argued that a solution like this creates more transparency and more detailed reporting, two of which are crucial features as to why Ditto Music is launching an app of this kind. As such, both of which should reap higher collection rates from digital services.Ditto claimed to promote “higher collection rates [while] massively reducing the loss of earnings currently experienced by artists.”“Aside from the billions of dollars in unclaimed royalties that Bluebox will be tackling, the Bluebox app will let creators lock in their split payments at the point of creation and get paid separately and accurately for each use of that song. It’s going to revolutionise payments across the music industry and help the millions of artists claim what is rightfully theirs,” the CEO and founder of Ditto Music Lee Parsons concluded.
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“The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country.”Additionally, he also noted that the cryptocurrency mining industry has the potential to generate another $8.5 billion to the economy of the Islamic Republic of Iran, according to a certain new government study. But there are certain obstacles in achieving the goal, with the biggest being the high electricity costs that are facing miners in the country. As is wildly known a lot of computing power and electricity is needed for cryptocurrency mining. This is a huge obstacle and challenge for crypto miners in the Islamic Republic of Iran because only big firms can have the luxury to work, while smaller enterprises are forced to close.
“High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.”Besides this the official from the ICT Guild Organization, Amir Hossein Saeedj Naeini noted that more discussions will be held in order favorable conditions are found for the cryptocurrency mining industry.
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