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Good Applications for Smart Contracts in Capital Projects

May 27, 2020 10:01:00 AM / by Data Gumbo Team posted in Data Gumbo, Construction, Smart Contracts, Capital Projects

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No industry is perfect.
Each is plagued by its own unique set of circumstances — or incentives for tech opportunists. In the capital project industry, a broad term enveloping building and infrastructure projects and investments, there are three major areas of informational and transactional friction that severely hamper progress.
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Capital Projects Streamlined with Smart Contracts

Dec 19, 2019 2:51:00 PM / by Data Gumbo Team posted in Construction, Project Management, Capital Projects

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By Scott Greer, Michael Matthews and Gregg Jacobson

Thousands of cubic yards of concrete, miles of wiring and pipe, and tons of steel: All of it has to be procured, tracked, delivered, installed, inspected and commissioned pursuant to the terms of the  contract. This is when the costs begin to rapidly accumulate. And this is where the automation and tracking capabilities of blockchain and smart contracts can begin to shine, and save owners millions of dollars on their capital projects.

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How Smart Contracts are Reducing Inefficiencies in Construction

Dec 12, 2019 3:08:00 PM / by Data Gumbo Team posted in Construction, Smart Contracts, Capital Projects

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By Michael Matthews, Industry Principal, Data Gumbo

The construction industry notoriously lags in productivity improvements and technology adoption. Its sluggish pace results in billions of dollars in lost value – approximately $40 billion a year. One underlying cause of this lagging performance is the way the industry develops complex physical assets, a process that has essentially remained unchanged in the face of technology advances adopted by other industries.

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