Hong Kong company aims to bring greater transparency and security to the construction process
Arcartera is looking to bring greater transparency and security to the construction process, with a new Blockchain BIM solution that automatically creates a public ledger of a building construction status by minting an NFT for an .IFC file.
The solution is one of several new public Blockchain Decentralised Applications (Dapps) from the Hong Kong based software developer, which has been working on developing Smart Contracts, Supply Chain Management, and Payment Gateway for Contractors since 2022.
Arcartera’s Blockchain BIM solution starts by uploading a common BIM file to the blockchain. The user will then receive an NFT that authenticates and time-stamps the uploaded file. According to the company, the solution offers greater transparency and security to the construction process, while also facilitating the exchange of critical information between all stakeholders involved
What is a Blockchain?
According to Arcartera, a blockchain is a type of Digital Ledger Technology (DLT) that consists of growing list of records, called blocks, that are securely linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree, where data nodes are represented by leafs).
The timestamp proves that the transaction data existed when the block was created. Since each blocks contains information about the block previous to it, they effectively form a chain (compare linked list data structure), with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
To learn more about the potential for Blockchain in Construction read Arcatera’s white paper.