Ilenna Copely, senior commercial lawyer, continues her Cinderblock fable about the impact of mythical proportions that blockchain technology will have on society.
Early one morning, as Cinderella settled in front of her computer, her phone rang. Before she could give a greeting, the unmistakeable voice of her dear builder, Barry, penetrated her eardrum, straight through to the centre of her brain.
“Oi, Cindy”. She smiled at his distinct British accent and charm. He was the only person she allowed to call her by that name, such was her affection for him and respect for the high quality of his work. Cinderella was building a technologically advanced medical centre and she trusted no-one more than Barry to see her vision for the design fulfilled, with its absolute focus on standards of excellence in patient care.
Perhaps through the genetic force of recessive pirate blood, Barry … spoke. (It is a little difficult for one to describe his style of expression, other than to quote him.)
“Wot the [censored] is [censored] Blockchain? I have a [censored] office full of [censored] forest sprites, fairies an’ [censored] pixies all demandin’ to know whether I’ll be introducin’ [censored] Blockchain. Apparently, they recall the impact on deir ancestors of da tobacco industry goin’ by da wayside and want to be ahead of da game for [censored] Blockchain.”
Suppressing as best she could, giggles at her treasured friend’s alarm, Cinderella explained the essence of Blockchain to Barry. She reassured him that over the weekend she would compile a list of ways in which Blockchain could benefit the construction industry and reduce aspects of angst within the current system.
Off the top of her head she noted:
- The logistics of construction can also be vastly improved, as the Blockchain can identify who needs to deliver what and when, with everyone working from the same page;
- The use of smart contracts, like in the delivery of commodities we mentioned early, could enable swifter payments and streamline the ordering, hiring and use of equipment;
- The procurement process could also be streamlined, reducing transaction times;
- Payments to suppliers overseas could be processed swiftly, to greatly reduce the traditional delays associated with the release of goods conditional upon payment;
- The traceability functions of Blockchain will be particularly useful to ensure, for example, construction materials such as steel beams, are made where and of what, as they claim to be;
- The traceability of versions of plans and their approval, will also avoid confusion, particularly in large-scale projects of the nature in which Barry was involved;
- Risks associated with human error will also be significantly reduced, and possibly eliminated, in many aspects, which should lower insurance premiums;
- The immutable nature of Blockchain will ensure reliability and make auditing far simpler than the arduous task it is currently.
Cinderella concluded, “So really, Blockchain is nothing to fear.”
“Righto then.” And he hung up, apparently satisfied of the importance of ensuring once again his construction company led the market, this time through the integration of Blockchain.