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Blockchain can revolutionize the construction sector

The CEO of Autodesk described some of the most important problems encountered in the construction industry, and reiterated his belief that blockchain technology is the solution to many of these problems, reports from the Australian Financial Review.

The construction sector has been bridged by cases of corruption in recent years. The increased embezzlement of funds, as well as the desire that people work without their activities or transactions being traced, have caused constant friction among the players in the sector.

However, for Autodesk CEO Andrew Anagnost, the application of blockchain technology and its implementation in the industry can curb these corruption practices and usher in an "era of accountability and transparency.

Autodesk Blockchain

Autodesk is one of the largest manufacturers of design software and the company has been serving for years in the construction, engineering and architecture sectors. Speaking at the Autodesk University 2018 event in Las Vegas, Anagnost explained why Autodesk still needs to consider the integration of blockchain in its Architecture, Engineering and Construction (AEC) collection. He said his company had taken it into consideration but "do not have a point of view" that is known to the public.

The AEC Suite, which consists of some of Autodesk's flagship products (including Revit and AutoCAD) has gone through various stages of development over the years, and has been responsible for improving data and dissemination of project information among collaborators on projects through cloud services.

The AEC suite products have seen greater adoption due to their practical nature and ease of application. For Anagnost, the next step will concern the use of blockchain technology to develop the culture of trust and transparency that the construction industry needs.

"What is the use of blockchain? It is a distributed and reliable ledger that can not be changed and allows traceability and accountability.Technology like that in an environment like the construction in which several people involved in the process do not trust it. one of the others will find some kind of application ".

Corrupt practices

The construction sector has also been invaded by problems of embezzlement.

"When people pay hundreds of millions of dollars for large projects, something always happens somewhere that's not right, there's always someone who breaks down resources or money inappropriately," Anagnost explained.

Relying on some of his field experiences with construction workers, Anagnost said that there is much ongoing favoritism and transparency is interrupted when familiarity is allowed to interfere with work.

"They take pictures and notice that they do not always register the problem, so when I ask, why did not you register?" I know that guy, I'll let him know, so the family subcontractor does not register his problems, but the unfamiliar subcontractor is registered. "

With the use of blockchain technology, construction processes related to registration and quality control can be optimized. Anagnost believes that the biggest value of blockchain for the construction industry is its ability to provide a greater level of trust and traceability, especially in an ecosystem where trust is a scarce feature.

Smart contracts have been particularly publicized as an integral part of providing some form of transparency to the management of construction projects. Suppliers can directly request payment based on the services or goods provided, which reduces the need for intermediaries (who are known to cause delays and delays in managing transactions).

Anagnost also recalled that his company is currently working on a form of non-blockchain digital guarantee deposit services, which can also help improve the development of trust in the industry.

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