The construction industry is changing, business models are on the move, and new markets are being discovered. One of the fastest growing markets within the construction industry is that of performance contracts. But construction firms encounter multiple challenges in meeting their customers’ demands.
The first problem is caused by the siloed market approach and a lack of standardisation. There is no creation and reproduction, and subsequently no effective and efficient use of business intelligence. Secondly, when the first problem is resolved and data is collected according to a standardised approach, a new challenge arises. Since data is collected by either the construction firm or the property owner, it cannot be used to reward or penalise the construction firm. Data collected via IoT devices can, in theory, be altered in favour of the parties managing the devices. So the question is: how can you make IoT devices and the data it produces more trustworthy?
"IoT readings can now be trusted and used as input for performance contracts"
The solution we created lies in combining Blockchain and IoT. We started collecting readings directly from different sensors through an IoT device. The readings are then saved in the Cloud and critical values are stored on the Blockchain. The main purpose of the Cloud is to execute business analytics, whereas the Blockchain serves as a mechanism to safeguard the reliability and trustworthiness of the data.