Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Integrating Blockchain Technology in The Construction Industry
1.7 k views
The construction industry is one of the most fragmented and high impact sectors in the globe right now. For example, the international space station project is created by 15 countries and about five space agencies. The eventual cost of its construction could exceed $1 trillion by the time of its completion. The development of big projects, especially where many stakeholders are involved, needs trust, and high transparency.
Nevertheless, what has the capacity of giving full transparency to transactions worth billions? Blockchains, the hubs of cryptos, are the best, most open, and secure platforms for holding such transactions. Blockchains will transform the construction industry by solving the problems that affect the industry today.
5 Problems Blockchain Will Solve in Construction Industry
Payment in Construction
One of the world’s biggest challenges to date is to ensure timely payments to the involved parties. The problem is even more significant in the construction world, with delayed payments to suppliers and employees being the order of the day.
There are different regulations set for the construction industry. The purpose of those regulations is to boost the security of payment structures, project bank accounts and protect stakeholders. Blockchain technology has security and transparency features that will ease things in the construction industry. Payments done through blockchain are entirely safe and free from any form of internal or external graft.
Government bodies will also do regular project audits since the information about projects is in a public ledger. Fiat involves long processes and lots of document filling; this is not the case in blockchains. Blockchains have prompt payments that come immediately after completion of a contract. Blockchain will, therefore, completely change the payment system for construction projects.
Since blockchain can reduce late payments and disputes, small and medium enterprises will no longer run out of cash. The construction industry will garner trust between stakeholders and clients.
Management of Procurement Process/Supply chain
Project constructions typically have very long supply chains from the design, material procurement to development. Big construction projects spend significant periods in the verification of compliance with regulations.
There is no obvious way for tracking building materials throughout the lifecycle of a building. This, therefore, causes lots of material wastage and other material related data.
Blockchains, however, can make the supply chain management fast and easy and with no wastages. Suppliers of materials after delivery will be able to track the shipping process up to the site. Furthermore, suppliers can easily follow up on payments for the supplied materials.
Quality, accountability, and transparency will define the procurement processes to stakeholders. An adequate supply chain will reduce redundancy since fewer inventories will be needed as a contingency.
Site Safety Management
Accidents and injuries are quite frequent on construction sites. Moreover, inferior materials and weather conditions are part of workplace hazards. These hazards that occur in the construction sites are today recorded manually in books or IoT tools. Blockchain, however, can bring an end to the manual recording era.
Work health and safety information will be recorded in the blockchains timely and with greater accountability. All stakeholders will receive updates on the site status and thus enhanced transparency and trust.
Revolutionizing Of Construction Contracts
Project constructions typically involve several contracts. From contracts for architectural plans to supply contracts, project managers have to complete several contracts.
What if companies could digitize and automate all these contracts? Well, the right blockchain has the capability of creating smart contracts. These contracts are self-executing, meaning they will automatically transfer an asset once the work is complete.
Smart contracts can automate payments, help track intellectual property rights, and transfer ownership of construction materials. Smart contracts have the P2P capability and facilitate the immediate response between parties since there are no middlemen.
Certification of Identity
Digital identity is necessary for strangers who want to do business. These identities can be recorded in the blockchain. Users can create an excellent reputation for themselves over time and record in the blockchain.
This kind of identity will build trust among people who have never met but want to do business. In construction, this reputation will store details of proof of membership to professional bodies. That will make it easy for the ID holder to work in government contracts.
Conclusion
Blockchain technology’s adoption is vital to address the challenges that face construction companies in their projects. Transaction, payment, and material procurement transparency are necessary for any construction project’s successful completion.
Btc
Bitcoin
$62.547
price
price
0.84959%
price change
Transparency, traceability, and collaboration are some of the innovative technologies that blockchains will bring to the construction industry. Now it is upon every construction company to decide how they will use blockchain in their company. One thing remains a fact; if the construction industry adopts blockchain, then the world is in for the fastest, cost-effective constructions ever.
Previous
Zcash Privacy Features: Can it Foster Faster Crypto Adoption
Next
Non-Financial Use Cases of Blockchain Technology
Written by
Carol Robinson
@Carol
43 posts
More author posts
KuCoin Hacker Prepares To Launder the Looted $150M Via Uniswap
On 27th September, a twitter account named under the Breach reported that the Kucoin hacker just started laundering his $ 150 million. The tweet said that the hacker started swapping his $OCEAN for Ethereum through Uniswap, pulling the token’s price down by around 4%, in less than an hour. In response to @Under the Breach, another twitter user named Larry Cermak corrected the information given. Cermak pointed out that the hacker is yet to begin laundering his $ 150 million…
5 years ago
Difference between DeFi and Traditional Financial Systems
If you are a cryptocurrency enthusiast, you must have come across DeFi, space's current pet subject. As of 03 September 2023, it had locked assets with a total value of over $38.5 billion. It grew exponentially from an initial $677 million in early January 2020. But what is DeFi? How does it compare to traditional financial systems? Significantly, where can it find practical usage? This article will attempt to answer these questions. First, though, let us look at how it…
5 years ago
Everything You Should Know About Casa Security for Bitcoins
Cryptocurrency theft is a billion-dollar business. No, you're not reading this wrong. Still unbelieving? How about some stats to put this into perspective? According to CipherTrace, the world's first Blockchain Forensics team, by June of this year, crypto theft had hit the $ 1.36 Billion mark. At that rate, 2020 is going to be the second-costliest year in crypto theft after 2019. In that year, crypto heists topped $ 4.5 Billion. As a crypto trader or holder, there are many…
5 years ago
Can AI Out-space Cryptocurrencies in Banking Service Provision?
The banking sector is one of the biggest industries in the world. For instance, in the second quarter of 2020, the global banking industry's market cap was 5.3 trillion Euros. However, due to the regulation, scalability, and security issues, the sector can still not bank over 1.7 billion adults globally. A big reason for this lag was the reluctance of the traditional banking landscape to update their systems. Fortunately, the upsurge of fintech companies provided the competition that spurned technological advancement…
5 years ago
Why is Bitcoin a Perfect Long-term Investment Prospect?
The criteria for judging a good investment include the risk profile, time frame, and goals. How much of a trade-off are you willing to make for an uncertain outcome? We could define a perfect investment as giving you better returns than anything else. An investment that fits your needs maximizes your odds of getting the best returns. So is Bitcoin that investment for you? In just over a decade, the crypto world has grown exponentially. Bitcoin is the first crypto…
5 years ago
A Complete Guide to Crypto Lending DeFi Platforms
Traditional currency and banking systems feature several downsides as far as transacting is concerned. Cryptocurrencies present a decentralized alternative to deal with issues surrounding the two options. The introduction of DeFi was a step further in pushing the mass adoption of blockchain technology and digital currencies. DeFi lending is on the same track, trying to bridge the void between traditional banking and all users globally without intermediaries. Now, lenders and investors can deposit, loan out, or borrow currencies in or…
5 years ago
Publish your own article
Guest post article. Guaranteed publishing with just a few clicks
START PUBLISHING ADVERTISE WITH USBrowse categories
Explore trending topics in the crypto community right now.
Bitcoin
SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets
The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…
Marius Bogdan Dinu 
@bdinu89
@bdinu89
1 year ago 
597 views
Bitcoin Should be Banned in the United States: Charlie Munger
Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China. In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…
2 years ago 1.5 k views
Tesla’s BTC Positions Remained Unchanged in Q4 of 2022
According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…
2 years ago 1.5 k views
Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF
The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF. Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor. Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…
2 years ago 1.8 k views
Ethereum
Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live
At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…
2 years ago 1.6 k views
Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears
Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system. However, since the Beacon launch…
2 years ago 1.6 k views
FTX Hacker Converts 50k Stolen ETH to BTC
Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%. https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…
3 years ago 1.9 k views
Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant
According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US Treasury Department. Indeed, the OFAC administers and enforces US financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash. According to…
3 years ago 1.8 k views
Trading
How to Leverage Arbitrage Opportunities in Crypto Markets
Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit. Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…
2 years ago 3 k views
The Different Types of Copy Trading in Crypto
Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…
2 years ago 1.7 k views
How to Spot an Unsafe Crypto Exchange
Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable. With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange. The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…
2 years ago 2.2 k views
What Is Grid Trading in Crypto?
Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…
2 years ago 1.6 k views
Tech
Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity
The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 574 views
Bit2Me Champions WEMIX Token in Pioneering European Listing
Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 404 views
CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades
In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 465 views
Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management
The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 592 views