Decentralization in the Construction Industry
Decentralization is a concept wherein society moves away from a singular, central organization or administration in favor of separation. This allows people more freedom to choose how they want to handle things like sending money over state lines, educating their children, or communicating with friends and family.
The construction industry has remained largely the same over the last century. Innovations in engineering have created stronger, faster machines, but the building process is still remarkably similar to the kind used in the mid-1900s and even earlier. Furthermore, alarming deficiencies in communication have persisted despite vast improvements in technology. Is decentralization the answer to the construction industry’s woes?
Connecting with Clients
At Cotney Attorneys & Consultants, our St. Petersburg construction lawyers understand how difficult it can be to connect with well-intentioned, private clients. There’s no proven way to connect with private clients apart from marketing your firm’s brand and waiting for them to approach your business with a project. While you might be able to connect with a client through a third-party consultant, this would require you to pay a commission and requires an additional layer of communication and transparency between the three parties. Applying the concept of decentralization to this scenario would allow the client and the contractor to connect directly without the need for a consultant. Is this achievable?
Builderium Aims to Decentralize the Construction Industry
Current estimates indicate that the construction industry will be valued at $10.5 trillion by 2023. In order for this growth to occur without any major setbacks, the construction industry must improve the quality of their services, streamline business processes, and address the trust issues between contractors and clients. Builderium is a platform designed to connect contractors and clients so they can negotiate price, quality, and schedules. Aside from improving communication, the other main goals of Builderium are to bolster trust and help eliminate third-party fees.
Builderium’s white paper states:
“Builderium is a platform devoted to meeting the needs of clients in search of a variety of construction and home renovation services. Budget consideration and on-time completion are factors we emphasize, and we boast a portfolio of seasoned professionals who are eager to provide quality, on-time services, without compromising on quality.”
Their growing team of talented blockchain strategists and consultants includes the Head of Blockchain Integration for MFChain and the CEO of Digital Asset Management Ltd.
Decentralization aims to connect firms and clients directly to improve communications and inspire an improved sense of trust. If you’re interested in how decentralization could affect your business, consult a St. Petersburg construction attorney.
If you would like to speak with a St. Petersburg construction attorney, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.