Is blockchain about to become mainstream in the construction industry?
The construction industry is often cited as one that is slow to embrace new technologies.
Blockchain, for instance, has already transformed supply chains the world over thanks to its ability to provide crucial transparency across logistical operations.
It has also facilitated the rise of cryptocurrencies, something which has received enormous amounts of attention over the past year or so.
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But can blockchain help to transform parts of the construction industry?
According to US firm Brickschain, it can greatly improve the way data is managed throughout the lifecycle of projects, especially when it comes to handover and facilities management thereafter.
Using blockchain, Brickschain says its new products (Brickschain Handover and Brickschain Chronicle) will revolutionise how the industry closes out and maintains facilities.
CEO and Co-Founder Bassem Hamdy said: “This is the first step in building a comprehensive registry of all buildings and their components, globally.
“Pre-blockchain project owners and teams were reliant on a series of excel spreadsheets and old school media to handover a project. Brickschain creates a new data fluent reality.”
Having launched three weeks ago, Brickschain has already signed pilot agreements with four large industry leaders in the US, including general contractors, engineering firms and large asset owners.
CFO and Co-Founder Ron Goldshmidt added: “Our integrations through the blockchain enable connectivity between multiple key stakeholders in the construction supply chain.
“Without this technology, the built worlds will continue to lose 95% of its data on handover. By capturing these lost data resources, we gain efficiencies in asset performance and ROI for our clients just not feasible before.”
With large US industrial players already signing up, the industry is showing early signs of moving towards blockchain adoption.