Global spending on blockchain is anticipated to grow significantly this year, as it offer new opportunities for businesses. However, understanding a new technology and recognizing potential use cases and benefits can be challenging for construction companies.
Back in April, Peggy Smedley did a widely watched episode of Constructech TV, focusing exclusively on helping the construction industry understand blockchain.
She described it well, saying that blockchain is a shared digital record book of transactions—or blocks—that are linked together in a sequence—or a chain. And even back in April she pointed to an example out of Australia that is using blockchain to help track assets and streamline facility management. For greater background and detail about blockchain, make sure to check out that episode of Constructech TV.
Another example recently emerged out of Amsterdam. HerenBouw is using blockchain on a development project, also for the building development lifecycle. However, other than a few key examples, adoption has yet to fully take off in construction. Why?
Perhaps the biggest reason is that construction companies are waiting to see what others will do to better understand the opportunities—and potential hurdles—of implementing blockchain.
Still, it should be on most companies’ horizons. If you haven’t identified how it will impact your enterprise, now is the time. The Constructech Technology Days event, which will take place at the DoubleTree by Hilton Chicago in Arlington Heights, IL, will identify the biggest untapped opportunities for blockchain in 2019 and beyond. The event will open up for a candid conversation about what blockchain really is—and perhaps more importantly, what the next step is for the construction industry.
Share your thoughts now, or at the event, about blockchain. Is it here? Is it still coming? What are the holdups? We need to have a real conversation in order to move forward.
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