A blockchain is a time-stamped set of decentralized data records which a computer cluster maintains and is not operated by a single entity. -Information blocking is called a "block" and connected to each other using cryptographic principles, creating the "chain." Blockchain technology has no central authority, so it is an example of a democratized system.
Blockchain data can be shared and available to all, but do not allow copying, which enhances confidentiality, and monitoring for any single activity is possible. Used in banking, politics, real estate, healthcare, defense, and government.
The blockchain technology has proven its capabilities, too, in the construction industry. The Makers. Blockchain technology is offering transparency, traceability and cooperation for the construction industry. Smart contracts are included in the building area, which is based on blockchain technology. Smart contracts have many major benefits such as accuracy, accountability, risk control, compliance, and cost-effectiveness.
The most prominent blockchain applications in construction are the Payment & Project Management and Procurement & Asset Lifecycle Management. For more detail on the technical challenges, implementation and more fruitful viewpoints, please see our infographic.
infographic by: www.vikingsteelstructures.com