Cryptocurrency and its blockchain technologies are making waves across all industries, and if you are a civil engineer, you should get concerned because crypto is already heading for civil engineering. While it may not be obvious, there are several potential applications of crypto technology in the civil engineering industry. Below are some of the potential applications of crypto:
1. Smart Contracts in Construction
Using smart contracts, construction contracts can be automated which eliminates the need for intermediaries while reducing time and costs associated with contract management. Because smart contracts do not need intermediaries or brokers, they eliminate the risk of manipulation by third parties.
As an example; the Dubai Land Department partnered with telecom providers to launch a blockchain-based platform for managing real estate rental contracts. The platform uses smart contracts to automate the process of creating, signing and executing rental contracts.
2. Blockchain for project management
Blockchain technology can also be used in project management which is one of the challenging sectors of civil engineering. Construction normally involves many stakeholders including; clients, architects, engineers, contractors and suppliers, and all these stakeholders need to be coordinated and managed during the project. With the blockchain, a secure and transparent platform can be created to track project progress, communications and payments.
3. Asset tracking
Using the blockchain, the management and tracking of assets such as bridges, roads and buildings can be simplified. Tracking of assets is important because most civil engineering assets or structures are large and expensive, and hence need to be monitored for maintenance and repair. With the blockchain, engineers can track the performance and maintenance as well as repair of any infrastructural asset over its lifespan and hence improving safety and reducing maintenance costs.
4. Securing the construction supply chain
With the application of the blockchain, the construction supply chain can be more secure through the creation of decentralized ledgers of transactions that can be used to track the origin and authenticity of building materials, hence ensuring quality control and assurance.
In conclusion, crypto and blockchain technologies have great potential for the civil engineering industry. It is therefore important to pay attention to the evolution of this technology because it will without doubt play an important part in the construction industry especially when it comes to driving efficiency, improving safety and reducing costs.
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