Blockchain may Improve Accountability and Trust Problems in Construction IndustryScroll Down
According to a recent report, the CEO of Autodesk, Andrew Anagnost, believes that blockchain may be able to challenge corruption, which has plagued the construction industry for many years. Autodesk has been manufacturing software for the entertainment, media, architecture, and construction industries for over 36 years. The company’s revenue reached $2.06 billion in 2018. Anagnost spoke at the 2018 Autodesk University conference in Las Vegas, Nevada. He discussed how blockchain technology could provide greater trust in the field and be able to get rid of all of the corruption in the construction industry. According to Anagnost, blockchain allows for accountability and traceability, which will work well in a construction environment. With all of this said, Autodesk hasn’t introduced any products powered by blockchain just yet. Anagnost stresses that blockchain will be considered in the future, however, he doesn’t feel the company has reached a point of view everyone can agree on. At the moment, Autodesk is currently working on an escrow system that is digital and non-blockchain. The company hopes to be able to use this system to improve trust in the construction business. Anagnost says that, with regards to corruption, it will be difficult to track who’s responsible for what, so the company wants to make sure that it’s not optional, but mandatory, to provide accountability and traceability. People need to be aware that when they spend large sums of money on big projects, there’s always going to be a chance that a dishonest person will try to use the money in ways it’s not intended for. Make no mistake, though – governments, as well as businesses, have discussed the possibility of using blockchain technology to fight tax evasion and corruption. Spain continuously amends their anti-corruption laws and has already begun to develop artificial intelligence and blockchain solutions to prevent corruption. To combat paper-based corruption, a state-owned aerospace firm and tax authorities in Shenzhen, China are implementing blockchain for transparent and indisputable recordkeeping. Both of these organizations are starting to use e-invoices that are blockchain-backed and also allow credible and authentic issuances of cost-effective, efficient oversight and traceable circulation by tax authorities.