BIM News

Blockchain technology penetrates the construction market and attracts more and more attention. This is one of the most promising business technologies, which is expected to bring many positive changes into the world of real estate. Blockchain is most useful when making transactions during the purchase of real estate. So, let’s see what arguments show the biggest advantages of this technology:

1. Security. Blockchain allows you to fully control and monitor the database of all transactions in the world of currencies and also bitcoin. You can be sure that money transactions will always be conducted reliably and efficiently. Also, the database will always be 100% protected, so you can be sure that your confidential information will not be stolen or used to your advantage.

1. Transparency of transactions. Since it is literally impossible to steal someone else’s information from this database, you can be sure that your rights as the owner will not be violated.
2. Reliability. The system is fully equipped with cryptographic algorithms that can not be forged. Also, these algorithms are programmed in such a way that they will not allow any technical distortion of the data, so they will continue to work even if there is some kind of computer failure.
3. Smart contracts. These are the deals that are concluded between the parties digitally. They are created by special computer protocols. With the help of such contracts, you will be able to fully monitor the purchase and construction of your house, knowing that the transaction is 100% legal and that it follows all the rules and regulations. Such a smart contract simply can not be concluded if the established requirements are not met.
4. Saving money. Using blockchain, you will save money on banking transactions and also on waiting time. Transactions have never been so simple and easy.

As you can see, the blockchain technology is all about giving its users a smarter way of interacting with the construction industry.

Source: https://medium.com/@bitrent/5-arguments-in-favor-of-using-blockchain-in-construction-9046c1027d8b