Friday, December 8, 2023

Blockchain is the evolution of construction

The civil construction chain is one of the main drivers of development in the world, in Brazil it is no different. The industry foresees a growth of 2% in 2023, at a rate of three consecutive years of expansion above the national economy, according to a report from the Brazilian Chamber of the Construction Industry (CBIC). The projection takes into account the constant evolution of the last two years, the economic cycle of the market and the strong demand for housing.

Gustavo de Faria Hernandes, COO of Vellore Ventures, commented that, although the outlook and numbers are positive, the growth is still 19% below the highest performance ever recorded, in early 2014. He says that it shows that Investments must continue in the infrastructure, in order to increase the participation in the national GDP. In this sense, productivity is a priority and, for this reason, the insertion of technology becomes an essential part of the process.

“This is precisely where blockchain comes into play, offering innovative and practical solutions with the potential to change the landscape,” Gustavo said.

From project management to supply chain management, the industry faces obstacles that result in delays and high costs. Using a technological development that is already effective in many areas, with a decentralized data structure, which records transactions in an immutable and transparent way, a universe of possibilities is possible (and should) be checked.

Property registration and smart contracts

Buying land and property is an important part of construction. Blockchain can be used to create secure and transparent property records, eliminating disputes and fraud. In addition, smart contracts, based on this technology, can automate payments and ensure that everyone honors their commitments.

Documentation management

Gustavo commented that the sector manages many documents, from projects and licenses to inspection reports, and that the blockchain allows all this information to be stored safely, to access it when needed . This reduces paperwork, saves time and reduces human errors.

Supply tracking

Material tracking is essential to ensure construction efficiency. With blockchain, each material can be tracked from its source to its inclusion in the project, ensuring compliance with regulations and product quality.

In this way, it is possible to optimize inventory, reduce waste and increase supplier responsibility.“, continued the expert.

Transparent accounting

Blockchain can also simplify the payment process by providing a transparent record of all transactions. This makes accounting more efficient and reduces delays, which is beneficial for business owners and suppliers.

“The potential of blockchain in construction is obvious. Therefore, training and knowledge about the technology is important, especially in an industry that is resistant to change. While many companies and professionals are leading the cause, construction can be achieve efficiency, transparency and safety, as well as sustainability,” concluded Gustavo.

World Nation News Desk
World Nation News Desk
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