- In today’s construction industry value chain, there are huge pressures on all participants, resulting in impacts ranging from regulatory fines to huge overruns due to supply chain disruptions.
- There are also big problems with rework, misrepresentation and fraud.
- Also, the ultimate issue with poor quality in the construction sector is that it can kill people.
- A digital, real-time, immutable ‘golden thread’ of information from the start of planning a built asset, all the way through its occupation, to the time it’s demolished.
- Every single decision made by multiple parties is recorded – from clients to government to construction companies, architecture firms, operators and owners of the buildings and assets.
- Certchain’s DLT solution covers all these attributes.
- Public blockchain wouldn’t enable full control of who uses the system and accesses the data flowing through it.
- Data confidentiality is key because Certchain will go into highly sensitive areas like nuclear.
- Certchain uses a concept of ‘regional networks’ that have authority over different elements of the data.
- Corda was chosen as it works on a need-to-know basis, and we can segregate the verifications.
- Instant access to comprehensive, digitized, and evidential information about built assets.
- increased quality and safety of built assets.
- Improved compliance, eliminated risks and reduced costs.