With blockchain, we can create a more efficient construction industry. How so and why is blockchain such an impressive tool in shaping the construction industry? Here are the top 5 benefits that blockchain entails:
1. Predictive asset management; with Building Information Management (BIM) Technology, the blockchain provides a decentralised platform that ensures that all information and data can be stored, highly accessible, quantifiable, removes duplication and allows for smart contracts to stay on track.
2. Proactive third-party oversight and streamlined supply chains; it also allows for all third parties to be be easily integrated into the oversight; saving time to process information requests and ensures that all legal and local regulations are met. Everyone can also keep track of all materials utilisation throughout the entire project timeline. Unique ID functions also allows keys to be assigned to vendors and allows all their work to be tracked for easy reporting and analysis.
3. Accelerated payment processing; enabling agile autorisation of payment through the blockchain resulting in faster payments. Further reinforcement through smart contracts can ensure that all payments are received according to milestones and project framework.
4. Instant collaboration; with transparency in the blockchain, it allows for open collaborations, opinions on any improvements or suggestions without time or space constraints.
5. Proactive snagging; alerts and flags snags in the project or missing information enabling quick immediate correction. The captured data in the blockchain allows for processes to be streamlined.
& these benefits have such tremendous effect on efficiency that should not be overlooked.
Ref: https://thequantitysurveyor.com/blockchain-technology-in-the-construction-industry/