Could this be an end to corruption in construction sector?

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Autodesk, the software provider in the architecture, engineering, construction, manufacturing, media, and entertainment industries is planning to implement Blockchain technology in all of their facets to increase trust and decrease corruption in the field of construction.

Andrew Anagnost, a PhD in aerospace, CEO of Autodesk, mentioned about this at the Autodesk University event. There are plans in progress to include Blockchain technology in the software suite for providing a better experience for the users. The idea hasn’t reached the phased where it can be announced publically.

They are planning on implementing the technology mainly into the construction industry, an industry filled with people who don’t trust each other. The company’s architecture, engineering, and construction software (AEC) has been evolving along with the growing industry not only to deliver 3D-modelling of product designs and buildings but also include building information modelling (BIM), which tracks data on materials used in construction and building fit-outs.

This trend requires a large set of data to be shared through the cloud and that is the place where Blockchain technology comes in for greater trust and accountability.

The initial days

Various discussions have been happening in the industry related to Blockchain; it has been targeted towards the use of smart contracts and identity. The industry has been discussing various ways of bringing Blockchain into construction processes, particularly around the use of smart contracts and identity. It is all about bringing it down to delivering greater trust to a low-trust work environment.

Why Blockchain technology?

A distributed trusted ledger, which cannot be altered after the entry is made, also it enables the option of traceability and accountability. This kind of technology in the environment of construction can really take the field a notch higher. Anagnost also mentioned their non-Blockchain digital “escrow” system as an added step towards the improvement of the construction industry.  As all the industries are leaning towards Blockchain it will be the right time for the construction industry to step in, a system designed for the future will be a vital part for the organisation as they are planning to gain the trust of its users.

With over $1.3 trillion worth of construction each year, it is a major contributor to the US economy. But corruption is not a new term in the industry; it is believed that the construction industry tops the corruption chart. Where more money is involved there will be more corruption involved, something someplace will not be happening right, so to put an end to all the means of corruption the CEO is keen on implementing the Blockchain technology as early as possible.

To develop a system backed by Blockchain is one but to enforce it is a totally different ball game. With people not willing to be traced and held accountable for it will be a tough task. But the possibility offered by Blockchain technology will pave a way for the construction industry to embrace the system. It may be in the pipeline for now but soon it will start to make noticeable changes in the industry.

 

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