Source URL: https://www.vikingsteelstructures.com/carports-infographics/transforming-construction-industry-blockchain-technology Description: A blockchain is a time-stamped series of immutable records of data that is managed by a cluster of computers and not owned by a single entity. Each block of data is called “block” and bound to each other using cryptographic principles, which makes the “chain.” Blockchain technology has no central authority, and it is an example of a democratized system. Blockchain data is shareable and open to everyone, but don’t allow copy, which boost the transparency, and every single action is trackable. This technology is used in Banking, Politics, Real Estate, Security, Healthcare, and Government. The blockchain technology has proven its capabilities in the construction industry as well. The construction industry always seeks new ways to tackle niche challenges regarding efficiency and productivity. Blockchain technology offers transparency, traceability, and collaboration in the construction industry. Smart contracts are taking place in the construction niche, which is based on the blockchain technology. Smart contracts have many significant benefits like Accuracy, Transparency, Risk Management, Compliance, and Cost-Effectiveness. The most prominent applications of the blockchain in the construction are Payment & Project Management and Procurement & Asset Lifecycle Management. For more information about technology challenges, implementations, and more other fruitful insights, please see our infographic.