Advancement of Blockchain Technology in the Construction Industry
Definition of Blockchain Technology The Blockchain is made up of a set of technologies that allow a secure, Digital operations record that is decentralized, synced, and disseminated without the use of intermediaries. Blockchain technology can be applied in different sectors, for example, in the construction industry. It could be likened to a kind of shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. Through a Blockchain network, it is possible to track and trade anything that has value. Thanks to this, various advantages are generated in terms of costs and time but also terms of risks and security. On a blockchain network, almost anything of value may be recorded and sold, lowering costs and risk for all parties. The Blockchain in the Construction Sector We know that the BIM Methodology consists of managing detailed information on a building that includes aspects related to both its design and its...