In the near future, don’t be too surprised if technologies such as cryptocurrencies and blockchain play a significant role in how we conceive, build and manage our building processes. At least, the fourth edition of Aurecon Buildings of the Future report believes this is the trend to watch out for.

According to the report, blockchain technology is going to be particularly useful in the prefabricated home and office business sector. Blockchain is basically a decentralized form of database that allows us to keep track of all our transactions – chronologically, in a digitally secure manner.

By relying upon blockchain, builders will be able to sew up the supply chain, from the drawing board to development and construction, seamlessly and safely.

The report points out the growing inclination towards prefab structures that can be designed and produced, in piecemeal form, in factories and warehouses. From there, they are packed and shipped to the location, for assembly. Such practices that mimic the LEGO formula, are already in vogue in the car and furniture sectors.

However, such an approach to building construction calls for high rate of accuracy as well as a design data documentation system that is highly meticulous and robust. Blockchain offers the right solution for such requirements.

Implications for sustainability

Aggressive adoption of blockchain technology will significantly boost commercial enterprise in the prefab home and office segment, thereby improving Australia’s standings in the green ratings, so far as construction sector is concerned.

Intelligently designed prefab homes are comparatively easier to maintain than the conventional ones because less air leakage is involved – resulting in stable ambient temperatures. As a result, less energy is required for heating and cooling, in prefabricated buildings.

Waste generation due to construction activity, is also vastly reduced in this type of building process.

Additional benefits of blockchain in building sector

With blockchain, the integration between various departments becomes very easy. The technology gives department like transport and energy, sufficient space for maintaining their documents, with enough flexibility thrown in for integration with those of others whenever required. As a result, commercial transactions and agreements are highly streamlined between the departments.

For instance, LO3 Energy, a startup, has already capitalized on this technology, to successfully manage green energy in its network of microgrids, in the US. Establishing a microgrid ecosystem enabling peer to peer transactions of renewable energy, LO3 Energy has leveraged upon blockchain to allow energy transactions between families, enterprises and institutions – through sale or purchase.

Blockchain technology also facilitates the establishment and management of fool-proof building contracts, thereby effectively blocking possibilities of fraud and external interference.