Blockchain for Sustainable Environment

McKinsey & Co, reported large projects generally cost 80% more than budgeted and twenty months late. Construction productivity has not improved in twenty years. As the Fourth Industrial Revolution starts now, providing the tools, that the development, its use, and operations of infrastructure will be disrupted by digitization. This world records huge wastage from construction alone, technologies and digitization can save globally at least 5% and $200-$400 billion dollars.

Fourth Industrial Revolution breakthroughs in a number of fields, including robotics, artificial intelligence, nanotechnology, quantum computing, biotechnology, the Internet of Things (IoT), the Industrial Internet of Things (IIoT), decentralized consensus, Blockchain, fifth-generation wireless technologies (5G), additive manufacturing/3D printing and fully autonomous vehicles. Most amazing technology is Distributed Ledger Technology (DLT) and Blockchain. The most potent disruptive technology can potentially change the entire landscape of the infrastructure industry, the way being project developed, financed and operated.

Blockchain is a key to save up to $400 billion across global markets.

Buildings and infrastructure remains an essential element of economic growth and transforming a good quality of life. Almost 40% of global GDP obtained from built assets as reported by Arcadis. Inefficiencies are being recorded across the industries that deliver these investments. McKinsey & Co, reported large projects generally cost 80% more than budgeted and twenty months late. Construction productivity has not improved in twenty years. As the Fourth Industrial Revolution starts now, providing the tools, that the development, its use, and operations of infrastructure will be disrupted by digitization. This world records huge wastage from construction alone, technologies and digitization can save globally at least 5% and $200-$400 billion dollars.

From supply chains to easing processes, Blockchain help to drop transactional costs. Providing greater transparency, Blockchain produces trust and collaboration in open, transparent, secure and the safest way in this type of industry, which is completely fragmented and in some part of the world, vulnerable to corruption. By increasing the availability of data. Blockchain can give to the wider adoption of digitalization in the built environment industries.

The biggest problem with the Blockchain is the hype and the claims are extravagant. The true potential and mass adoption are yet to come into our world and the way we interact with the technologies. Blockchain is all about decentralization, disintermediation and process automation. Integrating Blockchain into the construction industry is something predictable and applicable and too much worthy. We can see true potential if the focus on effective applications, likely to focus on simple transactional systems and not complex design processes or the resolution of disputes. There is the performance, cost, environmental impact, regulation, scalability issues associated with Blockchain that need be addressed first but it is a minor problem, not obstacles.

In the fragmented built environment sector, the opportunities are harder to find but the market is ready, large and the growth is potential. Finding simple, worthwhile opportunities to cut waste will be the best Blockchain prescription for built environment industries. All we need is patience and some disruptor who will take the charge and disrupt the industry of infrastructure by unlocking the true potential of Blockchain technology.

The author is a Pakistani Blockchain Evangelist, Follow him on Twitter

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