Blochain for BIM | Smart Contracts Lawyer
As the use of Blockchain and Smart Contracts grows in many sectors including Financial Services [FinTech] and Regulatory Technology [RegTech], the potential for use in the construction sector, especially in conjunction with BIM has been overlooked.
Blockchain was originally introduced for crypto-currencies and it became popular with Bitcoin but is now recognised to have far-reaching potential in other areas, such as finanicial services, regtech, supply-chain traceability and personal data management
Blockchain is defined as follows.
‘At its core, the blockchain is a technology that permanently records transactions in a way that cannot be later erased but can only be sequentially updated, in essence keeping a never-ending historical trail. This seemingly simple functional description has gargantuan implications. It is making us rethink the old ways of creating transactions, storing data, and moving assets, and that’s only the beginning.’√جª¬ø
‘In the same way that billions of people around the world are currently connected to the Web, millions, and then billions of people, will be connected to blockchains. We should not be surprised if the velocity of blockchain usage propagation surpasses the historical Web users growth’.√جª¬ø
‘It is more of a new protocol that sits on top of the Internet, just as the World Wide Web sits on top of the Internet via its own technology standards.√جª¬ø’
William Mougayar The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology . Wiley. Kindle Ed.
