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Blockchain To Eradicate Corruption In Construction Industry — Opinion

14:35 20/11/2018

Andrew Anagnost, CEO of the American corporation Autodesk, believes that blockchain technology will help fight corruption existing in the construction industry, the Australian edition Financial Review reports.

 

The head of one of the world's leading software suppliers for the construction industry, engineering, media market, and entertainment industry spoke at a conference organized by Autodesk in Las Vegas.

Blockchain is a distributed ledger, the data of which is conveniently monitored and not subject to change. Such technology for the construction industry, where people do not always treat each other with confidence, will be useful and help fight corruption, Anagnost stated.

 

The corporation itself, whose income in 2018 is $2.06 billion, is not yet using blockchain in its work but is considering the possibility of using the technology in future developments. According to the chief of Autodesk, the company is not yet ready to make a public statement on this topic.

Corruption in the construction industry is rather common. When people pay hundreds of millions of dollars for large projects, omissions can occur somewhere, and there always will be someone who doesn’t use the money for the intended purpose, Anagnost added. In the industry, it is often difficult to track who is responsible for what. Blockchain technology will help solve these and other issues.

 

As previously reported, the Government of Kenya will use blockchain in the implementation of affordable housing for the citizens of the country.

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