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What benefits can blockchain technologies bring to the construction industry?πŸ§‘β€πŸ’»

In recent years, blockchain technologies have been changing the rules of the game in many industries, and the construction sector is no exception. With its ability to create immutable, decentralized and transparent records, blockchain is revolutionizing the way construction projects are managed, executed and financed.
For the construction of a manufacturing enterprise, for example, employees at different stages apply to different companies: building design, ventilation systems design, communications, purchase different materials, parts, equipment, etc. Now centralized systems are used to store and maintain information on the project. Blockchain with its capabilities has great potential in the construction industry, if applied correctly, it can help in project management and supply chains.

Managing a complex supply chain is considered one of the key tasks in the construction industry. From sourcing materials to coordinating multiple suppliers and contractors, delays, disputes and other problems can occur at various stages of this process.

Blockchain is a distributed registry system that allows real-time tracking of construction materials, their origin and transportation history. This transparency reduces the risk of fraud and ensures the use of high-quality materials, which ultimately leads to shorter project deadlines and greater economic efficiency.

Despite the name, smart contracts are not legal agreements. Their main task is the software implementation of business logic, which is associated with the execution of various processes or transactions.

Traditional construction projects involve multiple payment parties, which leads to possible payment delays and disputes. Blockchain-based smart contracts provide a secure and automated payment system.

And such programs can also:

  • To exchange money.
  • To provide services.
  • Block content protected by digital rights.
  • Perform other necessary actions.

Building Information Modeling (BIM) is a powerful tool used in construction projects for collaborative design and effective project management. When integrated with blockchain technology, BIM models become part of an immutable registry, ensuring that all stakeholders have access to the latest and most accurate design documentation. This improves collaboration, reduces errors, and promotes seamless communication throughout the construction process.

The construction industry often faces problems related to quality control and compliance. The inherent transparency of the blockchain makes it easy to track the materials and processes used in a construction project. With all the data recorded in the blockchain, interested parties can verify the authenticity of the materials and ensure compliance with safety and environmental standards. This, in turn, improves the overall quality and safety at construction sites.

Managing employee credentials and certificates can take a long time. Blockchain technology provides a secure and tamper-proof way to store and verify the identity and qualifications of employees. This ensures that access to the construction site is provided only to qualified personnel, which reduces safety risks and ensures compliance with regulatory requirements.

The system is organized in such a way that each participant constantly checks the information coming to him. As a result, the integrity and reliability of the materials stored on the network is confirmed during any operation. New information is written to the end of the chain on top of the already verified one and is partially based on it. If you change some part of the materials, for example, by hacking, then this should lead to a change in the subsequent chain of information, otherwise this error will be visible to all participants. And changing data at once, for example, on ten thousand computers is very difficult and expensive. This guarantees the safety and accuracy of the information.

The transparency and immutability of the blockchain have opened up new opportunities for financing projects in the construction sector. Through tokenization, construction projects can be divided into tradable digital assets. Investors from all over the world can participate in shared ownership, providing a more affordable and efficient way to finance construction projects. This democratization of financing increases transparency and attracts a wider range of investors.

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АО "ДоступноС Π–ΠΈΠ»ΡŒΠ΅" .

June 28, 2024 07:56

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