What Happens When The Construction Industry Meets the Blockchain?

If we consider the industries that are set for disruption because of the blockchain, construction wouldn't be at the top. The conventional picture of a building site feels far away from the world of crypto. There are some potentially earth-shattering benefits of combining blockchain and construction. The following article is going to round up a few of the potential cases for using blockchain within the field of construction. 

Blockchain and Construction Supply Chains

A poor workman blames the tools, right? That could be a bit harsh, though. The industry of construction is, after all, reliant on the availability of quality supplies and tools in the right area and at the proper moment. Due to how the field is greatly fragmented with a variety of different factors both large and small, the supply chain is a huge deal. Delivery notes, invoices and purchase orders are typically still produced on paper. It's normal for a firm not to know if the supplies they require are in stock at the start of a project. This leads to more delays and expenses. 

The blockchain has been proving its capacity to transform supply chains already. One example was through the partnership of IBM and Walmart. Using the blockchain for the management of construction supply chains could produce a means of verifying the truth of the provenance and accessibility of construction resources from one platform. It would also help with tracking payments. 

The sector itself is taking note of this use case for construction and blockchain. Announcements made recently have now affirmed that one of Australia’s greatest building organizations, Probuild, has joined with Brickschain. This is a US-based blockchain construction firm that manages supply chains globally. 

The decision endorses that “Probuild has a vision that IoT, Big Data and Blockchain can transform the supply chain within the construction industry.” 

Construction Project Management and Blockchain

Projects depend on numerous working parties that finish a building based on pre-defined requirement. Every entity anticipates payment based on fulfilled work. That proves how the peer-to-peer aspect of blockchain and the aspect of smart contracts would bring excellent chances for streamlining the management of construction projects. Research into the possibilities of blockchain in managing construction projects revealed that “blockchain can enhance the degree to which we can trust in the construction works performed, logbooks and material numbers recorded on the job site.”