Construction brings together large teams to deliver the built environments, and although the industry is constantly riddled with complexity, regulations, and slow response with change, the tide is finally turning.
These large teams are beginning to embrace technology and are finding it harder than ever to work without it. Their openness to collaboration is becoming increasingly widespread. Specifically, technology that is blockchain is what’s coming to the forefront.
“Blockchain is a decentralized database which chronologically and securely records transactions.” There are many different types of blockchain but “Enterprise” or business blockchain use cases are perfect for construction.
Look at the construction process (simplified for discussion, of course):
- Client employs consultants/representatives to create tender documents
- Tenders are called and a main contractor engaged
- The main contractor then engages multiple sub-contractors to carry out specialist works on site
- A building contract is entered into, administered and monitored by consultants
- To handover a building requires that various sign offs, certifications and warranties are checked and confirmed are in order.
Each consultant has a contract, the client and main contractor have another contract, and it’s the main contractor’s responsibility to manage all the supplies, goods, and subcontractors. There are many middlemen involved. Within this hierarchy, there are many various functions that happen, from payment, project handover, damages, disputes, and more.
With blockchain technology, all the management of the key personnel and the functions can be managed under one location.
This is a big shift for the construction industry. Imagine...
- all those contracts becoming just one.
- this being a remedy to the shortage of skilled workers.
- this also being a fix for shortage of goods.
- automation of the administration of the building and contractors.
- avoidance of intermediary cost add-ons.
This brings us to DigiBuild, where the blockchain technology platform can bring all parties involved in a project to congregate and collaborate throughout the facilitation of the build. This is resulting in reduction of costs and allowing the client to have more control and transparency of cost, time, and the overall scope of the project. DigiBuild is a data engine that allows more automation of workflows, transparency of data, and unmatched data insights.