The construction industry is going to be revolutionized by blockchain and distributed ledger technology.
The combination of a secure and permanent record of assets, events and documents result in an auditable database that is easily accessible by stakeholders in real-time and will help to streamline production and cut out time and money lost to project inefficiencies.
Blockchain Acuity intends to be at the front of this revolution and is already working on a solution that we will be trialing soon and will bring significant benefits across the construction industry.
Owners can keep track of their projects in real-time and maintain a permanent record of all changes made.
The use of smart contracts allows main contractors to manage the workload distributed to subcontractors.
Subcontractors can use the blockchain to record hours worked by personnel in the field and record evidence of work done.
See below for how blockchain can help in areas such as greater safety, reduced fraud and theft, procurement efficiencies, automated payments and more.
Having an unchangeable record of maintenance activities and events and as they happen in real-time will help increase communication and visibility, leading to an increase overall safety.
The location of valuable assets can be tracked and stored in the blockchain. This includes tracking plant machinery using GPS and using RFID geo-fencing to record when assets are moved off site.
The construction industry has always had a problem with late or missed payments. The use of smart contracts to administer and trigger payments automatically and under precise and verified conditions will greatly increase trust and lead to a significant reduction in disputes.
Greater project clarity will be achieved by the storing of structured digital information that can be easily accessed by all interested and authorized parties. Each of these parties can be identified by the use of secure digital identities.
All project documents such as drawings, CAD files, spreadsheets and more will be recorded on the blockchain and available to be viewed or edited by those with the appropriate permissions.
Procurement teams can verify and record the origin and quality of a good and suppliers can use the blockchain to send invoices. Accounts payable will have access to a one-stop solution for purchase orders, requisitions, and invoices and by linking procurement processes with payment remittance.
Increased efficiency with payments, automation, recording and tracking will reduce time lost to fraud and theft. Improved communication between designers and contracters will allow better use of worker time due to more effective planning tools.
Records of maintanence, permits, certificates, site inspections and movement of assets all securely recorded in a distributed, auditable system that can easily be made available to regulatory bodies. Reduced costs for reporting and archiving, easier compliance with regulations in different territories.