Presently, the construction engineering management industry is suffering a myriad of challenges including establishment of trust, efficiency of data sharing and adequacy of automation processes. The blockchain technology, as a decentralized data management and transaction solution, has the potential to address many of the challenges facing the construction engineering management sector.
A recently published paper aimed at investigating the potential of implementing the blockchain technology onto the construction management sector. The paper presented three types of blockchain based applications which were proposed to improve the present processes of supply chain management, equipment leasing and contract management.
Notarization based applications:
To minimize the time needed for verification of documents’ authenticity. Businesses in the construction sector are faced by great pressure to meet the regulation requirements of both the industry and the governments. Much time and effort are consumed in the process of preservation of authenticity and integrity of construction documents during both storage and retrieval. With the use of the blockchain technology, every document will be saved onto a distributed ledger; thus, there will be an ideal notarization of each instant of creation, modification and deletion across the system. The blockchain
Read more ... source: LiveBitcoinNews
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