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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