Blockchain technology is among the most disruptive forces of the past decade. Its power to record, enable, and secure huge numbers and varieties of transactions raises an intriguing question: Can the same distributed ledger technology that powers bitcoin also enable better execution of strategic projects in a conservative sector?

According to fast cheap essay writing help study conducted by by David Bowcott, director in Aon’s global construction group "Increasingly, we are thinking more carefully about when and where we need to compete and what can we share and collaborate on,". Using blockchain to automate the contractual processes and paperwork underpinning these complex projects could save money, resources, and speed up project delivery.

In commercial real estate, HerenBouw is applying blockchain to a large-scale development project in the city’s harbor. According to Propulsion Consulting founder Marc Minnee "Blockchain provides a platform for clearly cascading work products down the chain and holding everyone accountable for completing key tasks”

The system’s benefits include timely information, unambiguous communication, and fewer mistakes. “Stakeholders have a clear and evenly distributed incentive to register these facts on-chain: Either you won’t get what you ordered or you won’t get paid,” said Minnee. They also develop trust, which reduces friction in their mutual business processes. “Stakeholders spend more time discussing creative design and building method options.”

Engrained practices in the construction sector will likely prolong widespread blockchain adoption. According to the Talton “The construction industry is technologically advanced in many aspects of what it does. But the industry is very relationship-based. There are many family-owned firms and private companies. The selection of contractors and subcontractors can be based on relationships that have existed for decades.”

Scott Nelson, CEO of Sweetbridge says “Projects are well-structured and contract-based. Objectives are clear — be on time, on spec, and avoid rework. Classic project management techniques still work, but projects can benefit from a more decentralized and agile approach, where transparency is high and parties can be compensated for outcomes as well as for work performed.”
Blockchain has the following characteristics:

Decentralization. There is no intermediary, and equal rights and obligations of all nodes.
Traceability. Fraud reduction and accountability.
Sharing. The more organizations involved, the more streamlined the process and the higher the value.
Prohibition of Tampering. Update or delete is not allowed.
Therefore, the blockchain is a decentralized database that records transactions in a chronological and secure manner. Thus, blockchain transactions can further represent a transfer of value to systems.