Blockchain could transform the construction Industry
Blockchain is a technology tool. It serves to record the steps and conditions required to execute a transaction in a distributed manner: securely. Blockchains provide us with persistent records of these transactions. We can now transact business directly and eliminate a middlemanWorkflows provide us with proof and accountability. Blockchain technology distributes the management of the work by democratising record keeping.
I’m still curious as to how the commercial lifecycle of the Blockchain value chain will be viable if, as a pre-condition to success, everyone in the chain must use it. Implementing widespread Blockchains will mean we’ll need no governing bodies. However, as a culture, we’re used to transacting with third parties and we trust them.
They say as well that trust is inherent in the Blockchain because it compliance is implicit. I’m sceptical. I’m more likely to say compliance is inherent – trust in business is altogether something different. The notion of building reputation on the Blockchain and identity are still really fuzzy for me.
While Blockchain could revolutionise the way we run construction projects and our hopeful biases may very well get excited about the efficiency prospects, the challenge to embracing Blockchain won’t be our belief that it can work, the challenge will be our current inter-organisational blockades whose impact we tend to underestimate.