Blockchain Could Be the Solution to Corruption in the Construction Industry

Autodesk is one of the leading companies in construction, media, entertainment, and architecture software manufacturing. With more than 35 years of experience, the company’s revenue for this year exceeded $2.5 billion.

Anagnost expressed his view on the possible appliance of blockchain technology in the fields that Autodesk is proficient in, during the 2018 Autodesk University conference in Las Vegas. He stated that a lot of underlying issues are present in the Construction field, where there is a significant lack of trust and accountability. 

The main characteristics of blockchain tech – transparency, distributed ledger, traceable processes – make it a useful tool that can help in battling these issues. He continues, saying: “A technology like that in an environment like construction, where various people are involved in the process and don't trust each other, is going to find some application.”

Blockchain appliance outside the cryptocurrency field is growing. In countries such as China and Spain organizations and the government are actively implementing the technology to achieve more transparency and battle corruption at all levels.

The Spanish authorities are changing the anti-corruption laws and adding blockchain and AI-based solutions to trace and prevent tax evasion.

In the Chinese city of Shenzhen, they have turned to innovative measures to stop paperback corruption and to prevent meddling with records. Organizations have even started using blockchain-based electronic invoices which are traceable, cost-effective, and secure.

While Autodesk is still pushing forward its blockchain products, the use of the technology is not out of the question. Andrew Anagnost describes the present issues in construction, saying that corruption is not uncommon. He added: “When people are paying hundreds of millions of dollars on large projects, something is always happening somewhere that isn't quite right. There's always someone bleeding off resources or money in some inappropriate way.”

Currently developing a non-blockchain digital “escrow” system, the Autodesk team hopes to improve the trust and provide more transparency in the processes of who does what and who bears responsibility for each part of the project.