{"id":45972,"date":"2018-08-28T13:51:00","date_gmt":"2018-08-28T12:51:00","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=45972"},"modified":"2022-10-19T15:27:29","modified_gmt":"2022-10-19T14:27:29","slug":"blockchain-and-bim","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/digital-construction-news\/blockchain-and-bim\/45972\/","title":{"rendered":"Blockchain technology and BIM: Building-in proof"},"content":{"rendered":"

The blockchain could be the future of BIM, and can be leveraged today. Arnaud Gueguen of BIMCHAIN explains how<\/h2>\n

Hailed as the new internet, with the potential to transform many industries, the blockchain can be a real game-changer for construction \u2013 and can deliver real value immediately.<\/p>\n

For at its core is the power of incontestable proof, eradicating potential disputes down the road. Long term, this can transform the operational culture of construction. Right away, it can make collaborative processes more efficient and friction-free.<\/p>\n

And that\u2019s why the world of BIM needs to take its potential seriously. I firmly believe that blockchain technology will prove to be the decisive turning point in the Building Information Management revolution \u2013 a more accurate term than Building Information Modelling<\/a> \u2013 and to make it happen, we need to start exploring these possibilities on live projects now.<\/p>\n

How does blockchain work, and what can we learn from how it is currently being deployed?<\/h3>\n

Blockchain is a shared register in which transactions between users are stored in a secure, verifiable and permanent way. It is based on peer-to-peer technology coupled with electronic signature principles.<\/p>\n

When applied, this revolutionary technology builds trust between heterogeneous stakeholders without the need for a centralised authority. It makes processes completely secure by giving indisputable value to data exchanged via a system of proofs.<\/p>\n

These proofs are perennial, unfalsifiable and easily accessed.<\/p>\n

Up to now, the main application for this already 10-year-old technology has been in finance. It emerged as a cryptocurrency (think Bitcoin) and then the banks got interested, with the outcome principally being in ways to cut operational costs.<\/p>\n

For example, the Letter of Credit. An expensive system based on paper documentation used to facilitate international trades for many parties, the \u201cletter\u201d proves a commitment of payment once certain documents are validated. Going paperless in a distributed environment involving many stakeholders in different locations was not feasible before. But the blockchain makes paperless proof possible, saving all parties time, money and environmental impact.<\/p>\n

And a very recent example provides a more instructive lesson for the immediate benefit of this technology. The Spanish bank BBVA has successfully piloted using the blockchain to offer a corporate loan transaction. If you imagine how much paper a \u20ac78m loan transaction traditionally generates, you can grasp the implications for construction, where paper and a fundamental lack of trust throughout the supply chain makes operational efficiency a day-to-day challenge.<\/p>\n

The most important lesson from the BBVA pilot is you don\u2019t have to spend years putting together a consortium to build the perfect backbone system fit for your industry. Plugged into existing systems, the blockchain can provide quick wins of efficiency today. How?<\/p>\n

Blockchain as a legally binding source of proof<\/h3>\n

The blockchain<\/a> is immediately applicable to the contractual space and we can now build and deploy blockchain-based applications that manage legally binding, electronic timestamped proofs. There are many signs that this future is already emerging in diverse areas around the globe. This can give us real encouragement and confidence.<\/p>\n