Part Two: Making the Business Case
In Part One of this three-part series, we defined the blockchain 'revolution', general benefits, and the challenges for use in construction. In this second part, we want to go beyond the field and the office and share Board-worthy business reasons for blockchain.
1. Increased efficiency
Blockchain can reduce the time it takes to complete transactions and automate approvals.
2. Enhanced transparency
Blockchain provides a secure, transparent platform for exchanging information and recording transactions, helping to reduce fraud and corruption.
3. Reduced costs
Blockchain can help reduce costs by streamlining processes and automating approvals.
4. Improved safety
Blockchain can support safety efforts by providing a secure platform for exchanging information and tracking activity.
5. Faster payments
Blockchain can speed up payments by eliminating the need for intermediaries, which in turn, can improve cash flow.
6. Reduced risk
Blockchain can help mitigate risk by providing a secure, tamper-proof record of transactions.
7. Increased efficiency
Blockchain can increase efficiency by automating approvals and tracking activity.
8. Improved coordination
Blockchain can help improve coordination by providing a shared platform for exchanging information.
9. Increased security
Blockchain provides a secure platform for exchanging information and tracking activity, which can help reduce fraud and corruption.
10. Reduced environmental impact
Blockchain would help reduce the environmental impact of construction by streamlining processes and reducing waste.
A Project’s “Birth Certificate”
Blockchain technology acts as an immutable, transparent, and secure platform that has the potential to revolutionize the construction industry with its imprint at the birth of a project. Used in construction, it would improve transparency and trust among project stakeholders, reduce paperwork, and ensure the security of data.
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