Blockchain is such a transformative technology that can affect just about every business process that requires a trusted environment. Construction is a sector where trust is much-needed. An industry that is undergoing an important transformation with the introduction of digital technologies. On the construction site blockchain can improve the reliability and trustworthiness of construction logbooks, works performed and material quantities recorded. In the facility maintenance phase, blockchain’s main potential is the secure storage of sensor data which are sensitive to privacy.
The construction industry has regularly been cited as one of the world’s most fragmented, high impact sectors and has regularly been challenged to improve its efficiency, productivity, and to embrace the opportunities presented by emerging technologies.
Blockchain and Smart Contracts
The construction industry is going through a revolution. This transformation is partly digital, in order to improve efficiency and digital workflows, partly a business practice change. Blockchain technology has the potential to affect both changes and facilitate this innovation. It can do so by shifting current payment and project management systems towards a more transparent and fair practice.