What is ‘Blockchain’? According to Investopedia, a blockchain can be defined as a distributed database that is shared among the nodes of a computer network. It stores information, similar to a digital ledger or smart contract, electronically in digital format.
One key difference between a typical database and a blockchain is how the data is structured. A blockchain collects information together in groups, or blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the blockchain. All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.
In construction, trust is a rare commodity. The ability to commence, verify and execute contract scope has historically been a cumbersome process with many handoffs and solutions in place. With emerging technology like Blockchain, we are starting to see the potential disruption in how projects are not only delivered but contracted. On this call we spoke with experts in Blockchain, Paul Doherty and Robert Salvador, who have already begun building and leveraging this technology for implementation around the world.
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