Brickschain, a construction management company, will be using technology by ULedger to bring the level of transparency, trust and efficiency of blockchain to the world of construction.
The blockchain-based construction management company seeks to cut down on expenses, time and the inaccuracies in the current property and asset management process.
Communication and upper logistics are some of the areas of construction that provide major challenges for its various parties; eating up precious time and resources, with few ways to resolve it conventionally.
Through coupling blockchain with existing construction management software. It’s hoped that the collaboration will slash costs, risk and improve underlying asset values.
CEO of ULedger, John McIver highlighted the determination by construction companies to innovate:
“Construction is an industry that can see a multitude of benefits from blockchain technology, as it can help solve many of the challenges around sustainability during and after construction. By integrating ULedger, Brickschain will be able to help disintermediate the creation and maintenance of buildings, while empowering people in the industry to easily and securely manage their facilities, buildings, and projects. Furthering ULedger’s mission to advance data integrity, this partnership will ease a heavy burden in the construction industry which is fraught with both intentional and unintentional data discrepancies.”
Both ULedger and Brickschain have the conjoined mission of chronicling the life of every building in the world and will create a reliable, trustworthy chain of events that allow for all information to be collated together in one place. Bassem Hamdy, CEO of Brickschain, stated the reliability of the construction world to be bold and fearless in their developments:
“Construction is a fearless industry. Whether it’s a skyscraper or a family home, we take concepts and make them a physical reality. However, the truth of a project’s status– from how much has been completed, to what still needs to be done– has to this day been elusive in the construction industry. Partnering with ULedger allows us to use blockchain to bring this element of truth, allowing easy access to data, and ensuring that the question of “what’s behind that wall?” can always be answered.”
Buildings as assets, venues, and homes undergo a meticulous level of change throughout multiple lifespans. And while this is accomplished fact, the tangible level of information on these changes is dramatically scattered, from receipts to email chains, collating all information without gaps is difficult and takes significant time.
Using blockchain technology will allow this information to be managed, stored and transferred with far greater speed and efficiency.