Many industries like IT, automobile, finance etc. have grown leaps and bounds over past decade. All these industries are still progressing and have some important effects on the economy. One industry that has not evolved much is “the Construction Industry”. Construction industry always prefers sticking to their traditional method and are reluctant to adapt any changes because it is difficult to collaborate different activities and automate them. There is significant research that proves that there are cultural and practical barriers that are impeding the change.
In the recent years, the use of building information modelling, laser scanning and other construction technologies has increased to improve collaboration and data gathering among different processes in construction. Many companies are adopting these technological advancements to make the construction process more productive and efficient. This momentum can be used to bring blockchain technology into use for construction.
Construction as a process involves a lot of activities, materials, codes and labour. It has been governed by stringent rules and standards. It has always been negligent to change in the past as it has been difficult to collaborate.
Blockchains have the potential for solving problems that have plagued construction for many years. It breaks down to being able to create distributed consensus between mutually distrustful parties, in many ways.
In construction or any field for that instance, we've always had problems with trying to figure out what really happened over the course of a day. With blockchains, we're recording things in real time, and it provides us with sort of an up-to-date accounting of the state of the world.