Impact of Blockchain Technology on the Construction Industry
Blockchain is an emerging and most influential technology of the decade. It has enhanced features like recording, enabling, and saving numerous unique transactions. In the construction industry that comprises big teams of contractors and also many safety standards and codes of buildings, this technology has great importance. For the projects to meet deadlines and monitor all processes can only be achieved through this technology.
Blockchain Technology as a Digital Ledger
Implementation of blockchain in the construction industry:
- Blockchain can be used for performance management.
- Ensure timely and transparent communication.
- Every project detail can be recorded and updated in the form of a digital ledger.
- If a project goes for sale, the whole digital ledger can be transferred to the buyer.
Utilities of Blockchain Technology in Project Management
- Blockchain can enhance project management in the following ways:
- Workflow can be easily managed through blockchain applications that store overall data in the project management system.
- Blockchain Apps can track all records of testing, materials used, safety, and building codes that were used.
- Blockchain will enable to speed up projects workflow and also help managers and various engineers to ensure work efficiency. Blockchain encourages data collaboration and allows industries to make better decisions that lessen the risks involved