Construction is best defined as, “the process, art, or manner of building something”, and since the dawn of civilization, construction has been a key element of survival.
However, today’s Real Estate Construction (REC) industry is failing at an alarming rate, margins continue to be razor thin, disputes among stakeholders are “a regular thing”, and trust is something you more often than not save for confessional, with yourself, or potentially, a higher authority.
70% of projects finish over budget or late, and disputes are a common occurrence with billions of dollars lost.
Given this high rate of failure and lost trust, even with software use in the industry at an all-time high, the construction industry is in desperate need of change, including embracing new technology; technology that is #BuiltOnTrust, transparency and solid record keeping.
Speaking of record-keeping, let’s hone in on SMART CONTRACTS: a cloud-based application that leverages Blockchain’s distributed ledger system to create a permanent, digital record of every transaction, materials order, and the status of every task to be completed in a unified environment accessible to anybody on the project. https://jobsite.procore.com/7-construction-tech-trends-to-watch-in-2019/
DigiBuild, LLC., an IBM business partner and Blockchain frontrunner has a viable solution that harnesses Blockchains chasm-crossing technology, a platform that requires your immediate attention; we’ll bring the trust!
In a recent article written by Don Tapscott @dtapscott (Twitter), he points out that “Blockchain technology is among the most disruptive forces of the past decade.” https://hbr.org/2019/07/how-blockchain-will-change-construction
Get involved in the best Blockchain discussion #BuiltOnTrust by following us on LinkedIn: https://www.linkedin.com/company/digibuild-software/about/