Should we be more aware of what blockchain is?
Blockchain infuriates me because I haven’t got a clue if, or how, it is going to benefit our industry. It seems I am not alone.
I read this BIM+ article yesterday. Data Gumbo (experienced blockchain specialists), have hired Michael Matthews (ex Enstoa, PWC, Faithful+Gould + Texaco) to spearhead their foray into the construction industry. Unless they are intent on losing money, they must see sufficient opportunity for them to hire such serious talent.
They say their blockchain solution ‘gumbonet’ will have a big impact on traditional contracting models that haemorrhage too much money and cause distrust. But will it?
So, I have been asking around. And, yes, I asked disrupters not ostriches!
It’s interesting to note that no-one wants to be named, yet! Most are ‘too busy to be wondering if blockchain is relevant‘. I assume they hope it isn’t or will, at best, address it when it is. Other comments, so far, include:
‘….a topic that I’m interested in too, have seen and heard a lot about the ‘potentials’ but am yet to see any evidence of it being useful….’
I have invited Michael Matthews to comment and his comments are in the forum
‘….blockchain is very expensive to run…‘
But is it as expensive as the existing process and won’t costs come down anyway….?
‘…you need an array of computers verifying tokens…‘
Is this a problem? It’s early days. If this is a problem now I doubt it will be soon.
‘…the reality is that you don’t have a single source of truth…‘
Why not? Does anyone else have useful input on this?
‘…it would be great if it saved me having to chase payment – but the pain is in proving the work has been done…’
How do Data Gumbo manage the verification process? If it’s tried, tested and works in oil and gas, why not construction? See Michael Matthews’ comments
‘…a utopic and unrealistic view of the future…’
So, who is right? Is Data Gumbo’s solution unrealistic in the construction industry?
Join in the debate at the forum.