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ARTICLE · 23 JANUARY 2020

Blockchain Boost For 'Smart' Contracts

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Lampros Stougiannos warns that the rapidly developing uptake of digital technologies across industries, including BIM in construction, allied to a more collaborative approach to...

United KingdomReal Estate and Construction

Lampros Stougiannos warns that the rapidly developing uptake of digital technologies across industries, including BIM in construction, allied to a more collaborative approach to project execution, will force changes to contracts. Throw blockchain into the mix, and 'smart contracts' are not far off.

KEY POINTS

  • New technologies are being rapidly deployed within the construction industry
  • BIM (building information modeling) software is being used not only to enable 3D modeling of a project, but also as a platform for collaboration amongst project participants and for information storage/exchange
  • Blockchain renders digital information more secure, traceable and incorruptible

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