Readings / How Blockchain Will Change Construction | Standards Michigan

Readings / How Blockchain Will Change Construction

The largest non-residential building construction market in the United States ($80 billion annually) ought to be sensitive to, and help drive innovations in construction contract management standards.


Readings / How Blockchain Will Change Construction

July 1, 2020

How Blockchain Will Change Construction

Don Tapscott – Ricardo Viana Vargas

Blockchain technology is among the most disruptive forces of the past decade. Its power to record, enable, and secure huge numbers and varieties of transactions raises an intriguing question: Can the same distributed ledger technology that powers bitcoin also enable better execution of strategic projects in a conservative sector like construction, involving large teams of contractors and subcontractors and an abundance of building codes, safety regulations, and standards?

“Increasingly, we are thinking more carefully about when and where we need to compete and what can we share and collaborate on,” said David Bowcott, global director of growth, innovation, and insight in Aon’s global construction and infrastructure group. Using blockchain to automate the contractual processes and paperwork underpinning these complex projects could save money, free up valuable resources, and speed up project delivery. (Unless otherwise noted, quotes are from interviews we conducted as part of our research.)

Harvard University

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