Transforming the Construction Industry with Blockchain Technology (infographic)

Description:

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.

Share your expertise and help others achieve success by becoming a Liqsquid Creator!

Liqsquid is an entrepreneur resource site, where you can help others and make your voice heard.

WARNING!

Most businesses FAIL within the first 5 years...

This is usually because the business owner is missing key insights and strategies.

That's why we are building a library of helpful information we call the Business Resources Section.

Get help...not BROKE!
©2021 | Liqsquid.com – All Rights Reserved.