[Los Angeles, CA, September 24, 2018] Brickschain, a Southern California based data management and blockchain firm, announces it has signed its most significant supply chain management deal to-date with Australia’s Probuild, a +$1 billion revenue company, and one of Australia's largest construction firms.
The deal gives Probuild access to Brickschain’s Foundry, Handover, and Chronicle platforms. Combined, this suite of blockchain applications helps contractors in the construction industry track their assets and streamline facility management, all while using the benefits of a blockchain data management system to ensure security.
“Brickschain has a mature blockchain and the domain expertise to help power our supply chain verification processes from China, to Hong Kong on to Melbourne and then live time installation. We now have the blockchain as the source of truth, triggered by Ynomia’s BLEAT IoT technology across the seas. Probuild will now shortlist a Banking partner who will securitise the entire process. We’re very excited.” says Luke Stambolis, Managing Director of Probuild.
Ynomia will be physically connecting and tracking the construction site resources with an IoT sensor network. Matthew Barbuto, the CEO of Ynomia, sees this deal as a milestone for blockchain and asset management in the built environment. "This partnership helps solidify construction's move into a more connected industry,” he says.
Bassem Hamdy, CEO of Brickschain, sees this deal as a validation of blockchain’s adoption in what has traditionally been a conservative industry. “Probuild has the vision that Blockchain, IoT and Big Data can revolutionize the construction supply chain. We look forward to transforming the industry with Ynomia and Probuild.”
Since its founding in June 2018, Brickschain has seen explosive growth. In only four months, the company has signed partnerships with companies that combined account for over $20 billion in construction volume.
Spending in the blockchain technology market globally is expected to grow from $1.5 billion in 2018 to $11.7 billion by 2022, according to the International Data Corporation (IDC). Supply chain management and asset tracking will account for an important part of that growth.
According to Jessica Goepfert, the program Vice President of IDC’s Customer Insights and Analysis, the greatest spending is coming from asset and goods management: "Highly visible scandals combined with complex supply chains and incomplete information set the stage for investments and projects in these areas.”