How Can the Blockchain Help the Construction Industry?

If you try to keep up with technology, you have undoubtedly heard the term "blockchain" thrown around. While you might have a general idea of what the term means, there's a good chance that you've never explored it in detail. A blockchain is essentially a public ledger in which pieces of information are stored for everyone to see. At first glance, this doesn't really seem like something that could revolutionize the construction industry. However, the underlying power of this technology has the potential to change the construction game completely. 

Documenting the Project 

One of the biggest challenges that construction companies have to deal with is accurately documenting their projects. Over the course of a large project, so many things happen and constantly change that it sometimes seems impossible to accurately document it all. When you need to go back and get a piece of information about a project, the documentation is often lacking. This can lead to a myriad of problems like lawsuits, workman's compensation claims, and unhappy customers. 

Blockchain has the potential to change this completely. Instead of having to go dig back through your files to find a piece of information about a project, you could instead search a public blockchain. For example, Gardner Builders has created the first blockchain system for the construction industry and tested it out with one of their own projects. 

With this system, a few different instances of the public blockchain are kept on different servers and kept in sync. When something is updated on one, it's updated on all of them. However, it can't be changed after the fact. This helps protect the data and protect the integrity of it. 

Reducing Maintenance Costs 

In addition to successfully documenting every detail of a project, this type of construction software has the potential to reduce ongoing maintenance costs. Instead of going into a repair of a building with unknown factors, you can know everything about the project you're getting into. Every piece of material and equipment used is documented in the blockchain. This means it's not a guessing game when it comes to implementing a repair or maintenance to the building. 

Overall, construction management software can be extremely powerful when used correctly. When that software is based on a blockchain protocol, it becomes even more dynamic. If you own or manage a construction company, you owe it to yourself to investigate the power of blockchain and what it can do for your business.