Probuild has sent waves through the construction industry by partnering with Brickschain, a California-based startup set to streamline supply chain management.
The leading Australian construction company signed the deal with Brickschain to secure their mature blockchain, improving processes and supply chain verification from China, Hong Kong, then Melbourne and then live time installation.
“We now have the blockchain as the source of truth, triggered by Ynomia’s BLEAT IoT technology across the seas. Probuild will now shortlist a Banking partner who will securitise the entire process. We’re very excited,” says Probuild Managing Director Luke Stambolis.
In what has been described as a conservative industry that is slow on the uptake of innovative processes, the deal is being viewed as a kickstart to revolutionise the construction supply chain.
The move has solidified Brickschain as a growing leader in the construction space. Founded in June 2018, the startup has since made leaps and bounds to become partners with companies that together total over $20 billion in construction volume.
The deal will grant Probuild access to Brickschain’s Foundry, Handover, and Chronicle platforms. This suite of blockchain applications is beneficial in tracking all assets involved in the build process, as well as all facilities, such as site offices.
Every step and transaction throughout the construction supply chain can be stored on the blockchain and provide more opportunity for direct transactions without the need for middlemen.
Is Brickschain paving the way for the introduction of more innovative technology into the construction industry? How will this influence jobs and processes in the construction industry?
Spending on blockchain technology currently sits at $1.5 billion, expected to grow explosively to $11.7 billion by 2022, according to International Data Corporation (IDC).
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