Part Three: Cautiously takeoff!
Part One of this three-part series discussed the potential blockchain ‘revolution’ for construction. In Part Two, we shared board-worthy business reasons for using blockchain. Now, let’s explore resources to help set up blockchain for your company.
First, join a construction-focused consortium
What is a consortium?
A number of organizations that agree to use blockchain technology to achieve a common goal make up a blockchain consortium.
You can join such a consortium focused on construction. Doing so gives you access to resources and expertise that help leverage success and avoid unforeseen pitfalls. These relationships can become invaluable.
Construction-focused blockchain consortia:
Next, choose a provider
Many providers exist; do your diligence to vet the best option. Consider provider fees, features, and levels of support. Seek consortium recommendations and tap your network to evaluate your unique business needs.
Common blockchain providers:
- IBM Blockchain
- Microsoft Azure Blockchain
- Amazon Web Services (AWS) Blockchain Templates
- Oracle Blockchain Cloud Service
- Google Cloud Platform
Install construction-specific applications
After you’ve set up your blockchain network, plan to implement construction-specific applications. Apps can include anything from construction project management to construction site security.
Construction-specific blockchain applications:
- Construction Project Management on Ethereum
- Smart Contracts for Construction on Microsoft Azure (video)
Start using your blockchain network to store data and transactions related to your construction company for everything from contracts to payments to completedjobs. (See other business uses in Part 2 of this series).
Remember: monitor and update your system regularly
Keep an eye on your blockchain system performance. Make updates as needed. Use scheduled maintenance and system reviews to ensure your construction company stays aheadof the curve and takes advantage of all that blockchain offers.
- Ethereum: https://www.ethereum.org/
- Bitcoin: https://bitcoin.org/en/
- Constructorr: https://www.constructrr.com/captivate-tag/construction-blockchain-consortium/
- Follow: https://twitter.com/cbc_ucl
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