An interview with Alex de Bruyn on Blockchain & property: “Mechanisms to trust data”
Part 4 of 5
PNXT: Can you give us an example of what a blockchain solution for a business would look like?
Let’s use our construction contract as an example again. If the developer uploads the ready–for-construction drawings of a building, it automatically propagates that version to all participants’ respective document management systems of that build. Once the document is received/downloaded by each relevant party, his record is updated, so that everyone can verify who has or hasn’t received that document. The developer now has better certainty that everyone is working off the latest documents.
Once a piece of works is submitted by a sub-contractor, all parties across the network can see the status of the works, which makes it more transparent for health management of the building, giving everyone early warning signals of works movement.
Similarly, once payment is done by the developer to the main contractor for a specific piece of work, the relevant sub-contractor will be able to see that payment has been made, ensuring his terms of the contract is adhered to.
As the progress of the building continues, the entire project can be reconciled to ensure actual vs budget is monitored and managed in real-time.