A comprehensive analysis covering the viable application of Blockchain and real use cases developed by startups like BIMCHAIN, has just been published by Institution of Civil Engineers (ICE).
Its author Bálint Pénzes, provides a clear understanding about how The Blockchain Technology can impact the Construction Industry with solutions on Payments and Project Management, Procurement and Supply Chain Management, BIM and Smart Asset Management.
Blockchain is such a transformative technology that can affect just about every business process that requires a trusted environment.
Construction is a sector where trust is much-needed. An industry that is undergoing an important transformation with the introduction of digital technologies.
One of the greatest change, is the use of Building Information Modelling (BIM) as it provides an unparalleled opportunity for improvements in productivity and cost-savings through all phases of the AEC industry.
And by coupling Blockchain and BIM we create a trusted environment in which the BIM model serves as a single source of truth.
The Blockchain acts as an underlying infrastructure that further strengthen BIM processes and in this way add accountable information. Accountability and transparency can be ensured due to the irrefutable nature of the ledger.
“Make no mistake, blockchain has arrived, offering immense opportunity for industry to become more effective, transparent, productive and sustainable.” Nathan Baker, Director, ICE Engineering Knowledge.
Click below to access to the full report: