If you’ve heard of Bitcoin, then you’re sort of familiar with blockchain. Blockchain is the online secure ledger for Bitcoin. But Blockchain has more versatile uses than simply keeping a ledger for cryptocurrency, and with it, the possibility for whole new opportunities for the construction world.
Blockchain is a technological ledger for a community to share, and once published, no alterations may be made without a clear audit trail. This set up prevents forging or modification of documents, thus ensuring accuracy. When new blocks are added (aka new transactions), they must be linked to previous validated blocks and be validated themselves, which prevents bogus transactions from entering the ledger.
Being able to leverage this ledger from anywhere is crucial to keeping projects on track while meeting regulatory standards. It’s important that your jobsite has the connectivity it needs so that nothing slows you down.
Benefits of Blockchain
- The ledger can’t be overwritten.
New blocks must be linked to validated blocks. Over time this makes it increasingly more difficult to modify older blocks as more new ones are added, thus cementing the security, trust, and reliability of the system.
- A decentralized ledger with multiple redundancies is secure.
Unlike a bank, the ledger doesn’t live in one place. It’s accessible by multiple users who hold a copy. It can’t disappear with one person or be lost by an error.
- Validation of new blocks is required.
Requiring all new blocks to be authenticated to prevent invalid entries and malicious intent.
- Blockchain works on a heterogeneous network.
If one part of the network goes down, all others aren’t taken down with it. This boosts resilience.
How Does This Help in Construction?
The construction industry has a reputation for being slow to adopt technology in some ways. Blockchain, however, will make the process easier by simplifying the complex transactions that take place between parties.
- Verify compliance
- Aid in contract arrangements
- Certify data
- Create Smart Contracts
- Expedite paperwork while preventing lost data
- Boost trust in the supply chain by keeping an accurate log to reduce misplaced blame
In construction, there are several issues that result in the delay of a job. Things like:
- Documentation issues
- Requests for information and response logging
- Change order documents
- Project schedule update delays
- Out-of-date software for safety and inspections
- Lack of labor productivity
- Poor time management
Know What Your Jobsite Needs
Construction and blockchain have great working potential. The benefits to productivity, security, efficiency, and authenticity are endless. Companies like SiteSense are already implementing blockchain in their tech to assist construction companies.
Know what your jobsite needs. Square up your connectivity. Investigate blockchain for your business. Welcome the future.