The IOTA Foundation and the Construction Blockchain Consortium collaborate to integrate digital identities, supply chain tracking, smart contracts and tokenization in the construction sector.
TL;DR: The IOTA Foundation and the UCL Construction Blockchain Consortium are collaborating on DLT innovation in the construction sector. It involves using IOTA tools to simplify DLT integration with CBC stakeholders exploring new solutions for their industry. The results will help digitize the industry, improve worker safety and working conditions, track the movement of materials and incentivize renewable energies adoption.
According to the report Global Construction 2030, forecasts say that the volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030, with three countries – China, US and India – leading the way and accounting for 57% of all global growth. Digitizing construction is the prerequisite of future smart buildings and smart cities.
The IOTA Foundation has embarked on a new strategic partnership with the Construction Blockchain Consortium (CBC), based out of University College London. This follows a number of collaborative events in March this year. And finally the tutorial on IOTA tools was presented at the CBC Conference in October.Integrating IOTA in the construction industry
The aim of the partnership is to facilitate the adoption of scalable and green distributed ledger technology (DLT) in the construction industry. To achieve this, the IOTA Foundation and CBC will identify and support construction stakeholders willing to integrate l blockchain technologies to transform the construction sector.
The construction industry has a complex supply chain, many phases and a large number of stakeholders and regulations. Guaranteeing security while increasing transparency, reducing complexity and improving processes and sustainability requires changes and innovation that can only be built on the trusted...