September 6, 2022
In Part One of this three-part series, we defined the blockchain 'revolution', general benefits, and the challenges for use in construction. In this second part, we want to go beyond the field and the office and share Board-worthy business reasons for blockchain.
Blockchain can reduce the time it takes to complete transactions and automate approvals.
Blockchain provides a secure, transparent platform for exchanging information and recording transactions, helping to reduce fraud and corruption.
Blockchain can help reduce costs by streamlining processes and automating approvals.
Blockchain can support safety efforts by providing a secure platform for exchanging information and tracking activity.
Blockchain can speed up payments by eliminating the need for intermediaries, which in turn, can improve cash flow.
Blockchain can help mitigate risk by providing a secure, tamper-proof record of transactions.
Blockchain can increase efficiency by automating approvals and tracking activity.
Blockchain can help improve coordination by providing a shared platform for exchanging information.
Blockchain provides a secure platform for exchanging information and tracking activity, which can help reduce fraud and corruption.
Blockchain would help reduce the environmental impact of construction by streamlining processes and reducing waste.
Blockchain technology acts as an immutable, transparent, and secure platform that has the potential to revolutionize the construction industry with its imprint at the birth of a project. Used in construction, it would improve transparency and trust among project stakeholders, reduce paperwork, and ensure the security of data.