Blockchain technology has the potential to be a transformative force in the construction industry, says the Construction Blockchain Consortium(CBC), which is bringing together industry and academia to ‘supercharge its development’ in the UK, notably in areas especially relevant to IHBC members: Knowledge Transfer; Research & Development and Education & Training.
CBC writes:
‘The Construction industries are entering a period of major disruption caused by new technologies such as Blockchain, as well as Artificial Intelligence (AI) and Internet of Things (IoT).’ according to academic leader Philip Treleaven Professor of Computing and Director of the Financial Computing Centre,UCL. He said: ‘The Construction Blockchain Consortium aims are to become the leading construction industries knowledge transfer consortium in collaboration with a premier university. It is the vehicle for tracking and testing these emerging technologies and build proof-of-concept system.’
Concerning the built environment Alan Penn, Professor in Architectural and Urban Computing, Dean of the Bartlett School, UCL said
‘We are in an unprecedented period of technological change and disruption – an ‘Information Tsunami’ – BIM, blockchain technology, machine learning, IoT, Big data analysis, AI-based intelligent advisors etc. This is having a profound effect on most sectors, especially financial services, and will clearly cause major disruption in construction. The UK Government has been highly successful in encouraging FinTech to rejuvenate the Banks, and is now encouraging similar initiative in HealthTech, and LawTech. The Construction Blockchain Consortium aims to encourage change and respond to opportunities.’
It’s Mission Statement states that the consortium supports knowledge transfer, arrange commercial and academic presentation, assess and test commercial services and technology, conduct research, and drive policy, regulation and understanding of the radical consequences of technology and services. Where required we could also develop proprietary technology and services for the consortium members; using both outside contractors, and leveraging PhD and Masters students.
Thus, services might include the following:
- Knowledge Transfer: To track and distil the escalating range of technologies and tools that are emerging.
- Research & Development: To build pre-competitive proof-of-concept systems and generate IP.
- Education & Training: Enhancing and re-skilling the knowledge and expertise of staff required to deploy the new technologies. UCL believes the most effective way to do this is a knowledge transfer and R&D consortium.
The consortium is industry led, comprising both industry competitor-companies, as well as what might be described as companies across the industry ecosystem. The consortium is managed by an industry steering committee supported by a small secretariat.
