Like several other industries, construction too is set for the winds of change, thanks to the proliferation now of digital technologies such as blockchain. Several real- estate development projects are already underway where this technology is being used. One prominent such example is the construction at the Amsterdam harbour by HerenBouw. Another major achievement of the pilot projects so far, has been the ease and efficiency of the data warehousing functions. Previously it was observed that a staggering ninety- five percent of the construction data would get lost during the handover process. There are cultural barriers too, slowing down the mass adoption of blockchain in the construction industry. This is due to the family- run nature of several leading firms, and the subsequent close- knit environment, which is often sceptical to new technology. Blockchain can have major use in project management. For this prototypes and pilot projects have to be developed. Use cases need be identified where blockchain could have been adopted. This would help in curating smart contracts, a trackable reputation ledger and in data aggregation.

Source:https://hbr.org/2019/07/how-blockchain-will-change-construction?utm_source=twitter&utm_medium=social&utm_campaign=hbr

Uploaded Date:26 August 2019