HOW TO SET UP BLOCKCHAIN FOR YOUR CONSTRUCTION COMPANY

Part Three: Cautiously takeoff!

Part One of this three-part series discussed the potential blockchain ‘revolution’ for construction. In Part Two, we shared board-worthy business reasons for using blockchain. Now, let’s explore resources to help set up blockchain for your company. 

First, join a construction-focused consortium 

What is a consortium?

A number of organizations that agree to use blockchain technology to achieve a common goal make up a blockchain consortium.

You can join such a consortium focused on construction. Doing so gives you access to resources and expertise that help leverage success and avoid unforeseen pitfalls. These relationships can become invaluable.

 Construction-focused blockchain consortia:

• The Construction Blockchain Consortium (CBC)
• Builderchain^‍

Next, choose a provider 

Many providers exist; do your diligence to vet the best option. Consider provider fees, features, and levels of support. Seek consortium recommendations and tap your network to evaluate your unique business needs. 

Common blockchain providers:

• IBM Blockchain
• Microsoft Azure Blockchain
• Amazon Web Services (AWS) Blockchain Templates
• Oracle Blockchain Cloud Service
• Google Cloud Platform

Install construction-specific applications 

After you’ve set up your blockchain network, plan to implement construction-specific applications. Apps can include anything from construction project management to construction site security. 

Construction-specific blockchain applications:

• Construction Project Management on Ethereum
• Smart Contracts for Construction on Microsoft Azure (video)

Lastly, launch! 

Start using your blockchain network to store data and transactions related to your construction company for everything from contracts to payments to completed jobs. (See other business uses in Part 2 of this series). 

Remember: monitor and update your system regularly

 Keep an eye on your blockchain system performance. Make updates as needed. Use scheduled maintenance and system reviews to ensure your construction company stays ahead of the curve and takes advantage of all that blockchain offers.

Additional Resources

• Ethereum: https://www.ethereum.org/
• Bitcoin: https://bitcoin.org/en/
• Constructorr: https://www.constructrr.com/captivate-tag/construction-blockchain-consortium/
• Follow: https://twitter.com/cbc_ucl

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