Blockchain Can Cut Corruption in Construction Industry

| Publish date: 11/20/2018
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According to the Chief Executive Officer of Autodesk Andrew Anagost, Blockchain technology can help cut down on corruption in the construction industry.

Autodesk, founded in 1982, makes software for the architecture, construction, entertainment and media industries. This year, the company’s revenue has been $2.06 billion.

Blockchain in Construction

At the 2018 Autodesk University conference held in Las Vegas, Anagost, in his speech, stated that Blockchain could not only wipe out corruption in the construction industry but also create greater trust in that space.

Anagost stated that corruption in the construction industry was not uncommon. When hundreds of millions of dollars are being paid for mega projects, then there is bound to be corruption.

Anagost said that Blockchain’s biggest advantage was that is was a distributed, trusted ledger that could not be changed and that it allowed for accountability as well as traceability. He said that that kind of technology in the construction industry, where different parties did not trust each other, would find an application.

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The CEO of Autodesk also said in his speech that the biggest problem with combating corruption was that it was very difficult to track who was responsible for what, especially in large construction projects. Thus, one of the technological problems that needed solving is how to create complete traceability and accountability.

Despite the fact that Anagost avers that he believes in Blockchain technology, his company has not yet introduced any Blockchain based products. However, while Autodesk may not yet have product offerings based on Blockchain, the company stated that it has been considering the technology as part of their future developments.

Currently, according to the Financial Review, Autodesk is working on a non-Blockchain based digital “escrow” system that is focused on improving trust in the construction industry.

Corruption and Blockchain Technology

Governments from across the globe are now looking at using Blockchain technology to fight corruption as well as tax evasion. For example, Spain’s regulators believe that this new technology can be used to fight corruption, and the government has already taken steps in its fight against corruption by making amendments to its anti-corruption laws and by developing AI and Blockchain solutions.

And in China, Shenzhen’s tax regulators have partnered with an aerospace firm to use Blockchain for permanent and transparent record keeping so as to combat corruption. Paper documentation, which can be altered, has allowed corruption to flower. Thus, the Shenzhen government has created Blockchain based electronic invoices, which allow regulators to trace as well as authenticate all invoices.

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