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The ability of blockchain and smart contracts to build a network of trust without having to trust each other has a huge potential to disrupt a construction industry held back for decades by conventional ways of thinking and behaving...
It allows individuals to have full rights and control over an asset and be able to instantly transfer it to any person, company or machine, without having to rely on third party intermediaries.
Of course, not everything is perfect when it comes to blockchain and the potential impact that it could have on construction. It’s no secret that the construction industry is very resistant to change.
There is a lot of jargon used when talking about Blockchain and smart contracts, so read our jargon buster to understand more.