How Blockchain is Disrupting the Construction Industry
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- čas přidán 27. 05. 2024
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We are seeing the emergence of a second digitization revolution that could be centered around the new blockchain technology.
Chapters
0:00 Introduction
0:37 First revolution
1:16 Second revolution
1:34 What is blockchain?
3:13 Smart Contracts
3:50 Sponsor
4:27 Skilled Labor
4:57 Payments
5:36 Supply Chain Management
6:28 BIM
7:13 Drawbacks
9:13 Conclusion
Blockchain is a digital ledger that stores information in records called blocks. Each block has three main components: data like timestamped transactions or agreements, a hash which is a digital fingerprint or unique identifier and the hash of a previous block. These blocks are linked together chronologically, like a chain of blocks. You cannot make a change to the information in a block, instead you create a new block, chained to the last block.
Cryptography makes the blockchain ledger secure. Each transaction is recorded using encrypted data. If someone tries to tamper with data, the change will result in a new hash. By comparing the two root hashes, users can see that the data is compromised.
Another key advantage of the blockchain technology is trust. In order for business transactions to be executed, trust must exist between management and the employees of an organization and between an organization and its partners or customers. Trust isn’t built into the current version of the internet and we don’t trust each other.
The current media attention and hype around blockchain is mainly due to cryptocurrencies like bitcoin. But that is just one way of using blockchain technology. Let’s look at some other practical applications in architecture and construction.
SMART CONTRACTS
Construction projects usually involve a large number of companies. You typically have to wait to get contracts, change orders and addendums from all the parties. You have to pay all the companies involved and wait for their status reports. Blockchain allows us to set up smart, digital contracts with a centralized tracking system. The companies involved define the rules, deadlines, and penalties before the project starts. The blockchain automatically enforces these rules during the project.
SKILLED LABOR
Through blockchain, vendors and suppliers can use unique identifiers to record their performance and grow their reputation. LinkedIn listings and resumes are self-reported and unchecked but the blockchain is the “source of truth”. It can be easier to verify a company’s credentials and check their past roles before hiring them. You can vet candidates and identify recruits more easily.
PAYMENTS
Late payments and cash flow issues are continuing problems in the construction industry. Transactions between parties usually include invoice errors, payment errors, bank holidays, currency conversion fees, etc. The average payment time for small and medium sized companies is over 80 days. This can put the whole supply chain at risk.
SUPPLY CHAIN MANAGEMENT
The fragility of our global supply chain has been exposed over the last two years. Blockchain systems can improve their robustness because materials are logged and traced, delivery time is easier, quicker and less bureaucratic. Dispute resolution is faster. You have better control of inventory and you can order and receive goods as needed which reduces waste. This can lead to lower costs and faster schedules.
BIM & SMART ASSET MANAGEMENT
Building Information Models can act as a single source and dashboard of all information. All the parties would be working to match the physical construction to the BIM model. Any deviation from the model would result in penalties. BIM models can contain supply chain information, source of materials, payment details, revisions, etc. By combining BIM and blockchain in smart contracts, you can make payments, send out material orders, hold subs accountable and improve transparency, communication and workmanship on a project.
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#blockchain #bitcoin #cryptocurrency #construction #technology #disruption - Věda a technologie
I've spent the last 4 years being very skeptical about blockchain and crypto. Since then, it has become a self-fulfilling prophecy as the "future of work". What do you think about it?
It’s a fomo-hysteria. The idea of cryptocurrency is based on a fundamental misunderstanding of money. And the application in the construction industry..? Come on. Construction is … construction. In the real world. The uncertainties of the real world are huge and a “secure” system of administration is not going to change anything.
Your website is set to private!
It further harms our environment while adding little value to existing fields. Crypto and Blockchain is notoriously rife with pump-and-dump schemes as well as scams so the concept of Blockchain being more "trustworthy" isnt necessarily applicable; then theres the issue of imperfect technology: our phones sometimes struggle to accomplish the things we need them to do i.e make calls/text/ect so I highly doubt integrating "smart contracts" and additional layers of algorithims to whats already in use in our supply lines will be beneficial, You even acknowledge this in the video when you say the Blockchain must work on its own without maintenince or intervention.
The issue is, companies have IT departments for a reason. Blockchain will not be hassle-free or a self-operating system, and ultimately the time and labor needed to be invested isnt worth the potential benefits Blockchain could provide.
Honestly the very flimsy points made to justify the praise that you seem to be affording blockchain and crypto technology makes this entire channel suddenly feel like some kind of long con bait and switch.
Blink twice if you are saying these against your will Belinda. Blockchain is a subject-matter that I happen to understand better than your other topics. The content you have made about it is pretty weak. Now it makes me question other things I have learned from this channel. At 3:33 you say "a centralized system for tracking". If you can centralize it, you don't need blockchain. End of story. All the costs and energy use goes into keeping the blockchain trustless. I have a very hard time understanding why you need to be trustless against your own contractors and vendors. I'd think twice before legitimizing groups that are selling crypto tokens for any of these purposes.
That's like using Machine Learning to solve basic math operations. Instead of trying to find a solution to an issue, people are trying to fit a "solution" to anything until they find the matching problem...
Chat GPT might evolve into this model.
I am a software developer working for a large US electrical contractor -- I personally see no value add from "blockchain" or crypto technologies that can't be provided by traditional APIs.
There's nothing that blockchain does that isn't more simply and efficiently done via something else like a database. If you need independent governance or mediation or trust: set up an independent organisation like how open source or stuff like wikipedia works.
@@--Nath-- As a wikipedia editor since 2007 I can't agree with the last statement. All too often it doesn't work. The English segment is somehow struggling to keep balance, but elsewhere it's much worse.
@@--Nath-- basically, you solve transparency problem (which is extremely nice especially in case of dealing with big companies or government) by paying awful time and computational price. But it really did almost nothing in trust department and surprisingly, it doesn't eleminate need for third party mediators.
@@paveloleynikov4715 The computation price is completely trivial, microseconds on a cell phone from years ago.
This is not cryptocurrency and nonce value mining.
Nothing that would be used in construction or logistics spaces would be built to use anything more expensive than a single SHA256 hash, which is computationally trivial even with gigabytes of data. They are not trying to farm a magic hash or nonce in this space. Really, completely unrelated to cryptocurrencies other than they both use hash algorithms to create an acyclic graph.
WhatsApp usage for contract agreements would be more useful for the industry....
Sounds more like shoehorning than disruptive. Like many comments here, I also don't see benefit of inserting blockchain into construction contracts. Change orders and addendums take time to approve because parties need to review, clarify, and agree on the change in scope and fees before accepting, we can't automate this process. Also, you can't automate the process of applying penalties to contractor without reviewing the cause of delays etc.
Exactly, most delays are not due to processing of paperwork but of the actual dependent actions organizations/people must take. Sending the email with the digitally signed confirmation is the last .001% of effort.
Seems like they think Blockchains have the ability to processes workflow functions and control gates..
Perhaps this is just me being dumb, but as someone who understands the block chain tech it took me 2 watches to follow what the use case for block chain is for the construction industry.
One issue for using block chains for things other than the possession of a unique token is that the size of a transaction (such as a contract) can grow quite large, and everyone who takes part in this technology will have to have access to each contract (which will take up a bunch of space and share information that might want to be kept private for competition reasons). If you try to use just a reference to a id stored in a block chain you lose a lot of the security you are using the block chain to protect against.
I am also surprised given the pessimism you show in a lot of other areas, that you came down so light on block chain.
It appears that when you try and join so many business parts that have very different industry standards/operating policies that the outcome is somewhat fatal. It's probably why you don't see airplane manufacturers building every component of their airplanes, but they rely on the separate industries that know and live by the standards. That was my take.
block(SPACE)chain?
based on your response i think you need to do some more research into purpose built L1s and zk rollups. there are solutions/compromises to all issues. still a long way to go before we can incorporate much of it into something like construction.
@@ViMBarN It was easier to surrender to auto correct then fight it each time
Agreed, just a bunch of buzzword band wagoning
Sounds more like blockchain tech is still a solution in search of a problem….
Yep, right up there with 3d masonry printing
The solution they seem to have found is fostering white collar criminal activity, tax evasion, keeping power plants profitable, and being the perfect culturing of Ponzie schemes, pump and dumps,and securities fraud. Sounds good for the future to me! 👍
Not at all.
Blockchain is a single example of larger concept of Distributed Computing. Bitcoin works very well without a single “custodian” such as Facebook, Google or Autodesk. The problem distributed computing solves is a trust. Particularly a trust that corporations won’t screw everyone over. I think 🧐 that trust is very low. Would you agree?
@@McRyach exactly. Because of the inherit non-fungibilty of block chain it's not going anywhere.
That said we're at the stage like when Amazon started selling books and most people say "oh that'll never take off who will buy things in the internet"
It might be 5-10 or more years but banking and logistics will be required to be on a block chain one day.
Between 2019 and 2021 Jamie diamond ( ceo of jpmc) changes his stance from "crypto is a fad" to "of we don't get in front of block chain we won't be in the banking industry anymore".
I'm paraphrasing from his public market analysts discussions and you can verify yourself.
100% it is. People are having a stupid hard on for new technology for literally no sensible reason, and think that forcing it everywhere will somehow make everything better
People disputing contracts is not actually a problem, also blockchain can't "enforce" anything, shit still needs to be reviewed, set up, agreed to and executed
She is talking about task keeping on the blockchain along the process, not the blockchain doing the task. If you truly understands how a blockchain works.
I fail to understand how blockchain will aid in construction. I feel that change orders drive up the contract prices and cause inefficiency. Inputting contracts and change orders do not affect efficiency.
For example, if a contract is created using blockchain and everyone agrees, then someone wants to do a change order, but some engineer will still need to re-spec the job and re-design it. Then input the changes into the blockchain. Approvals will need to still be approved by owner, general and subs. Costs would need to be re estimated and then translated to each industry worker.
More $$$.
I guess it depends on the project? There are a lot of cases in commercial construction of changes being made without approval from above. I could see avoiding that as a cost saving meaaure. I don't know if block chain will help though, as it is an issue with the culture and industry of construction, not simply a technological limitation
Blockchain is being treated like a database and workflow rules processing engine.. it doesn't do that.. you could maybe use it to keep a permanent record of a workflows history? But even then it's not a good fit. Decentralization and annomous transactions/users are not helpful between know business entities who have signed contracts with each other.
Blockchain from a data perspective is horrible at storing data and altering it and part of that is by design. It's why it primarily processes small data - transactions and does it across millions of anonymous nodes.
@@private2809 how would blockchain contracts stop people from doing things differently from what they agree to inthe original paper contract?
I think blockchain contracts would increase costs of record keeping. It would be good for the lawsuits though.
@@private2809 And of course the people doing unapproved changes are definitely going to enter them into a blockchain record...
i dont want to be inflammatory but this seems a lot like
1) problem
2) blockchain magic!!!!
3) no problem
There's too much hype around blockchain. A regular database would be fine (or better).
This is also assuming clients want to have a decentralized database, essentially a 3rd party arbitrator involved in every interaction, which is shared by everyone. They don't. If you delay approval of change orders and hammer the contractor on schedule you can screw the contractor. This happens on every job I've ever been on. It's a constant fight to keep Superintendents from performing unapproved work (because they're schedule driven), which all gets kicked to the forensic accountants at the end of the job. An intermediate 3rd party to enforce change order approvals would be very detrimental and costly to clients.
B-but hype...
Sitting on a rock is fine, why carry a chair with you, when you go outdoors?
@@privileguan9127 Mhm i definitely prefer sitting on a collapsible 3-leg stool compared to a rock. I mean there isn't always a convenient rock, but the stool only weighs about as much as a salami and fits into the backpack just the same. Maybe they can even make stools with integrated bifi storage in the legs, to consume even less effective space! So you can have your chair and your salami and eat it too!
That being said, everything a blockchain can do for business i think is better expressed with a set of standardised exchange protocols, secured by Chain of Trust or Web of Trust, and backed by databases and CDNs, maybe even things like DHT and IPFS as a backup when appropriate if we're extra spicy. But these are 20-30 year old well-understood technologies, so you can't burn VC money with it while getting rich in the process, and you'll also be held to the promises you make because the ingredients involved are so well-understood rather than being able to shrug it off "oh well, unproven technology, experiment, gone wrong, it's fine, break some eggs to make an omelette".
Salami.
I really think all those companies are overestimating what blockchain can do, most of those applications can be achieved without it, some of them in more logical ways, like for example contracts, not to mention privacy concerns.
They are just changing an intermediary for another one with the hope that since it's a newly developed technology will somehow be better than the current mechanisms. I guess we will need to wait and see how everything develops, but I don't have much faith on it, if I'm being honest.
Indeed. Most people just follow hypes, not understanding the mechanic behind the tech.
Blockchain is just a decentralized database. While it makes sense for identity related and forgery safety it is in many cases not a better use case. NFTs as in digital arts being one ridiculous example of a horribly gone wrong, energy wasting use case.
@@privileguan9127 I agree, as an illustration myself, I have seen all the damage generated by NFTs in the art circles. I personally know artists affected by art thieves. Isn't about the art, it's about the money, without regards for environment, taste or logic.
Exactly. With your comments come one big question, what company wants their contracts decentralized from their main office?
How can something digital enforce anything in the real world? There still has to be human trust in the system, and right now with how easy it is to scam on the blockchain, that just isn’t going to happen. Not gonna support anyone who’s trying to hawk this kind of con.
Well, maybe one day blockchain will learn how to dig the earth, or to mix concrete, or to talk to this annoying lady who keeps complaining that our machinery is too noisy.... Why not? but there's no way that it may have the key to my bank account.
I am not sure if she's joking, conning people or just naive to blockchain/digital workflows..
uhhh... I disagree.
There is a chinese legend according to which an architect calculated the number of bricks required to build a palace. When the workers questioned him on his calculations, the architect bought a single additional brick. Once the palace was completed, the architect placed the single additional brick upon the arch of the main entrance as a reminder of the accuracy of his original calculations.
The problem with modern industry is the phrase "as needed". It is a trap and is the cause of disputes and delays. These hitches of "as needed" snowball into more and bigger issues as they travel down the supply chain. The idea of the savings is a false promise, a mirage people trick themselves with, when conventional wisdom is to maintain a stockpile of goods, rather than to purchase what is needed when it is needed and that is precisely why we are in a time of global shortages.
Project estimation and planning is purposefully a imprecise science. You would spend a year just planning a project if you tried to be precise. Building in margins and leaving aspects of a project that aren't easily estimated variable is a necessary evil.
@@Josh.1234 and you can end up with a bit extra to build brick flower pots or whatever else. There are many places to put bricks in a palace.
As someone who has witnessed the Cad revolution in the architectural field, i can tell you that it did not lead to efficiency. The budget for the planning stage remained the same, it is just that we invented a lot of information that should be communicated. When you consider a hand drown plan from 30 years ago with a comparable plan today, you will see a lot more black ink now. Most of this information is only there to please project management proces control surveyers and other people of that sort. Burocracy has grown exponentialy, partly due to the more complex technology, but also because jobs could be created.
I don't see blockchain being useful in this field, there are so many less complex alternatives.
I'm going to make a wildly blanket statement here that so far has turned out to be true. Blockchain is never an answer to anything. There is always a simpler solution that already exists. Blockchain is a neat thought experiment looking for a problem it can be a solution to. Unfortunately neat thought experiments never really work in the real world.
I can't see how what you describe at 2:50 can't just be equally accomplished using public/private keys. Also isn't the blockchain itself effectively just swapping itself for that third party and having basically all the same drawbacks.
Yup, and each company would have to hire programmers to make using the blocks even possible. That or you buy some third party software .... oh didnt we want to cut out the middle man?
No mention of fraud or hacking in the blockchain. Given the digital universe over-promising and then failure to deliver blockchain tech in the construction industry seems to me to be relegated to Big Firms in Big Projects with many people who know the Software, Internet, Construction, and actual in the field worker reality. BlockChain Tech will not do away with Murphy's Law.
Big business, engineers, architects, construction industry managers, freighter air,sea,rail road couriers are watching your channel
Too bad people who understand Blockchain aren't
Smart contracts might work for smaller parts of a project, but it would require all parties to act with integrity and honesty - in which case you would not necessarily need the blockchain or smart contract. I would imagine some parts of the automization of large complex projects will occur where they reduce costs, and those automated contracts will naturally accrete to become smart packages of contracts. Its going to take some very smart and flexible programming to overcome perceptions of whether a particular process is 100 percent complete - or 95 % complete.
Interesting concept, but I don't think it will be widely accepted in the construction industry. Every project is unique in construction, and I think this is just adding another complication to the process. Perhaps it would work for larger residential projects where there is a lot of repetitive operations, tight timeliness and sub trades need to be coordinated constantly.
To me it seems like block chain is being over promoted, and it is the latest miracle fix to solve problems that are not being addressed properly within the construction industry.
Interesting topic. Very much interested in knowing more
Informative
Bravo!!! Nailed it @8:21.
You're good at dismantling faux innovations like 3d printed houses, but why aren't you doing that here? Blockchain has been a solution trying to find a problem since crypto got popular. None of these things require Blockchain tech or would even benefit from it. I hope you can do more research and correct this video.
She did a similar pro-3d printed house video a while back but when she revisited it later, she was much more grounded in her take on it.. granted I think it's still a load of crap and we shouldn't put lipstick on it.
If she doesn't have the expertise, she needs to consult with people in tech and builders before coming to conclusions. People selling these ideas and systems will always paint them as the next great thing.
this is very disappointing, i loved her videos for the informed criticism. i will be surprised if there isn't some personal incident that motivated this video - the usual is one's spouse getting into crypto. this is utterly devoid of her usual grace and thought. I hope she can come back from this.
Very interesting to watch this after the foldable Human video on NFTs.
Very interesting.
Well said. BIM models and engineering drawings are not the standard, mostly a guidelines where technicians must adapt to reality of the job.
An As-built cycle must be added and most of the times the end product is not 100% accurate to the modelled version due to time or investment constraints by the end of the project
And this is why you are my favorite CZcamsr !!!🥳
Very nice job for me, i was looking for some arguments on favour on tech in construction industry, everyone talks about parametric design and superficial code for pluggins in Revit or others, and i think that, most problems of our industry are in the old construction proccess and management. It will be interesting compare the benefits between databases (i think is super neccesary) and blockchain.
How will this work for the common BIM Modeler
There is no question that software and technology is changing every industry but whether blockchain is that crucial technology must be proven
Excellent presentation on blockchain. Since my company is integrating Lightning Network services into routing/distributed processing there is a addition help. We’re globally deploying this AI routing and services along increased fiber optic capacity.
This could provide what is needed to accommodate both large and small companies or individuals. The supervision of contracts through templates will allow people all over the world to do business and delivery purchased items releasing funds automatically as its fulfilled.
Software looking for a home. Project management next position to be automated or ? Who is doing all the input and data management? Hmmm. Thanks for your efforts!
For all the ranting about crypto, no one actually uses it for anything. You can't even by a cup of coffee with Bitcoin. While 3d modeling can be very useful how is it supposed to get more useful if you encript it blockchain? How is blockchain supposed to make ordering concrete on a snowy day when roads are blocked easier?
Here’s someone paying for their coffee with Bitcoin. czcams.com/video/R0uSx3mmE5c/video.html
Blockchain and crypto are related but not entirely equivalent.
Assuming there is a lot of mistrust between two parties in construction, which Blockchain does truly solve, I wonder who outside the concerned parties would host this distributed system, unless there is an implicit profit for running these contracts built in?
Bingo.. you just stumbled on the reasons this makes no sense. There isn't the same type of mistrust in construction, these are known companies that have to fulfill work with face to face validation. The Blockchain could store that one project manager signed off on the work being done to spec but it's nothing more than a paper trail not an actual workflow engine or anything.
Also it wouldn't have third party nodes to process ledger changes and enforce integrity, so it would rely on some sort of authority which undermines the whole decentralized database and ledger.. one entity would be in control of ledger integrity.
So why not have a centralized database with workflow and a third party company that provides authentication and integrity of the data..
Most construction companies and property developers don't even regard a fibre network in a building or any development for that matter as being critical to the optimal efficiency of that particular building or development. We are a good quarter century from seeing Blockchain properly integrated into the construction industry.
All to often blockchain is a solution in need of a problem. It's only real benefit is that changes are logged...but at the expense of seems of data, and processing power. It is getting more efficient, but right now it is a huge energy sinkhole, and there are cheaper ways to accomplish the same task.
Can this tech be used for political parties or local government?
As others have observed, blockchain seems a solution in search of problem. It's like when personal computers were beginning to be sold: it would transform people's lives, but today they are mainly used to play games, surf the internet or watch movies. Of course, I'm no expert on any of these subjects, so I really hope I'm wrong.
One issue that came to my mind was a human factor corrupting the blockchain. I don't see how putting performance reviews on the blockchain would be any different than LinkedIn. You still have to trust whoever is writing that review to be honest.
And let's pretend a mistake was made on the blockchain due to a human factor. You cannot revert it and the inaccuracy will be on the blockchain for all time. You'd have to ammend it or misinformation would hurt someone, but if one party disappears or is not cooperative then is it even possible to ammend? If it is possible then you have the same issue of an authority able to ammend the record as they'd like.
Another issue with decentralized blockchains is the smaller ones are at risk of someone creating many nodes to obtain a majority and then rewriting large chunks of the blockchain in their favor. The consequences if the blockchain has any legal or financial trust is frightening.
Of course! Nothing is always good or bad.
Everything can be used for both good or bad!
Blockchain is currently being used mainly for bad IMO, but can be used for good if employed correctly
*I disagree with statement that “BIM is not single source of truth”.* It absolutely is, if you set the project up that way. The problem is that this source stores whatever designers put in it. It’s garbage 🗑 in garage out 🚛. *Single source of truth* doesn’t guarantee that there are no errors in the model. It guarantees that there is no confusion about the reference point. Designers putting all their design decisions in a single place and builders know where this place is.
Never would I have thought a construction channel would teach me about the blockchain better than any crypto video could
Soo you know when someone explains something and you really think you get it but later you realize, you completely didn't? Yeah.. she doesn't understand it so most likely she didn't help you
@@Josh.1234 if you’re willing to explain it better by all means go ahead. I grant you the floor judgement free
@@milotheviewer haha yeah thanks but the comments section really isn't the best place. There are a good number of white papers or even the wiki page for Blockchain that could help.
You said it. Building in 3D. So antiquated to be building in 2D
Hi.I’m into oil&gas construction.I’m pursuing MBA and looking for project work for implementing blockchain in construction.
Tough crowd in the comments. Thankyou for putting the discussion on the table.
If you just substitute "pixie dust" for "block chain" in this video nothing would change.
I unsubscribed.
5:55 👍🏾👏🏽
None of this needs to the block chain a git or a database will do the job just as well if not better.
I think in the end, it ( blockchain) will make us weaker. Everytime we digitise something, we loose a realife actual skill or knowledge. Its a very easily collapsable thing, and we wont be able to , or at leats will strugle to go back, when needed.
You are so fucking cool. Just thought someone should tell you.
Still waiting on that sike.
With all my respect...
But lets pretend what happened when building industry get know about Agile, SSL, Scrum and so on )))))
I can't see how any of this needs the blockchain. Not that I disagree that the areas you named will change and are about to change, but I think it is a little naive to think blockchain will be the solution. It is in the end nothing more then a very convoluted way of encrypting things. Let’s ue the contract example. Essentially the attempt is to replace Lawyers as the trusted party with the blockchain. While tempting it seems short sighted and also ignorant of the fact you still need lawyers to draw up the contract. So instead of reducing the cost you now increased it to use a new tech instead of using a “normal” contract that your lawyer encrypted with one of the many other encryption that are far less redundancy based. What I see for the future is that lawyers will start having “trusted” servers where contracts can be encrypted and stored. You know like they do right now just digitally. This also removes the biggest weaknesses of block chain(like with paper and mail) the people using it being dumb.
Also let’s also not forget there is other systems to do what blockchain does just not linked that are far less energy intensive. Hashes aren’t new, encryption is not new, the idea to store both to be save is not new. The fact that linking them in a way that is mathematical complex is new and well it is just that a showy way for do the same thing. A XTS-AES 128 encryption will also hold, not as long as blockchain? Dunno?´Both are currently out of the realm of our computing by a long while.
So not to sound rude, but we won't juggle a block chain trail. The points above combined with the amount of energy and money wasted every time a project needs adjustment make that idea dead on arrival. Imagine a mega project needing to spend energy and cash that could be used on the project just to set up a new contract for new lights and add them to the chain. It is extremely inflexible and in direct opposition to the idea people try to sell with block chain. We got good encryption, we don't need this stupid gimmick for that. What will change is the adoption of digital infrastructure and services. Some are already in places and others need building. Non of them will use the blockchain as the market has shown time and again it is not aiming for the most secure, but the most effective and blockchain is many things but most effective it is not in many many cases.
CZcams suggestion:
Hi, you are few journalists I am subscribed to, but to the point.
Thumbnail to this video is to generic. I googled "blue construction background" and got very similar result.
I am not youtuber, but I would suggest looking into "art" of perfect Thumbnail.
Blockchain as you describe it is not the solution to anything. The same can be achieved by using a "trust worthy" party (such as the government or a large bank), managing the whole ledger by itself, and publishing all transactions to whomever requests it. It can publish periodic (yearly, daily, or even per-second) hash of the whole database, allowing anyone to verify that the sum of the transactions between the previous update to the next, is exactly what explains the new hash. This allow anyone to verify everything, just like blockchain, but without the overhead of finding random hashes to satisfy some arbitrary mathematical rule. The only advantage of blockchain over this system is when that central ledger is so untrustworthy, that many of the parties check each and every hash, even though they can sample any point of time, and prove that after 99.999% testing, the next one is also correct. The whole blockchain idea is a solution looking for a problem, and that problem never shows up.
Thank you for covering key concepts such as the blockchain and smart contracts so neatly! I made an in-depth explanation of how blockchains work, and I can appreciate how this was a much more concise summary of what was a 15 min video :p
Very cool and informative. Thank you. I see technology improving the precision and accuracy of the construction industry so that there is less and less disparity between the plan and the reality. Also perhaps blockchain can be harnessed to manage the discrepancies. It can be used to track what is actually built. Cryptocurrencies may be the latest Dutch poppymania but blockchain is a very useful concept.
This was the best, most understandable, concise explanation of Blockchain that I have ever heard!
Another good video. Trade already isn't coping with 3D, one project first floor was a rework nightmare. Second floor had same problems, no lessons learned from first floor. They abandoned it and went back to 2D, all benefits gone. During commisioning HVAC components above ceiling couldn't be accessed due to pipes, conduit in the way. The 3D version forced that this all be accesible which is a must. Now forever, building will have high maintenance cost due to it. It's all about profit margins, so thin it's go go slam it in and run. Sad state of affairs as you know, only hope the cycle can be broken.
Love this line: "Trust isn't built into the current version of the internet, and we don't trust each other."
oh well, was a fun channel for awhile
In brief: it won't. Block chain doesn't solve any problem except cryptography.
Digitalisation is basically dehumanization.
Actually, this video looks more like advertising.
P. S. Automobile industry is not as that automated. Huge amount of work is performed by humans and cannot be automated in the foreseen future no matter what automobile companies show in their promo videos.
and you know all this from personal experience?
ive had crypto people try to explain blockchain to me. you did what they could not, and you did it in 2 minutes. thank you, you are awesome.
She doesn't understand it so might want to keep looking for explanations
A new method of efficiency will sell it self. Prove it to the public.
To do that they would have to start off and actually explain how a blockchain would accomplish any of the functions she claimed... then it would have to actually do that.. yeah not holding my breath for that
It was interesting to hear you present blockchain technology being used in a different way than finance and cryptocurrency.
I bet 10 years from now that blockchain has nothing to do with construction
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I have seen a lot of change in the construction industry in my lifetime, and one thing I can tell you is that change is normal but does not happen overnight.
I like the concept, but it will take a hundred year to be implemented.
Keep up the good work Belinda.
Lol.. no
I didn't understand at all what the benefit a blockchain brings in any of the use cases you mentioned.
Thank You Belinda. As usual, you have helped simplify an overly complex idea, for future implementation! Wonderful.
Mind blown!😵💫
as they say, "the devil is in the details" - all these blockchain applications are essentially ancillary improvements in technology, and IMO same concerns as with 3D printing applications in construction, will apply.
I prefer the new thumbnail but the title doesn't feel quite right? I'd change the word Disrupting as that's what put me off before i got a notification saying it was one of your videos, though to what I'm not sure?
Its a good video though, I use crypto regularly myself but I didnt see blockchain technology actually working for or seriously Improving anything else untill this video, I think blockchain could have finally found a problem to solve.
What problems do I see - Human GREED
Wow, Belinda! That was one of the best explanations of blockchain I have heard to date. It's been my experience as a tradesman and technical manager for many, many years that a large hurdle is when transitioning from the theoretical/virtual to the real world. I have had countless discussions with designers and engineers whose only argument when dealing with a failure of a project was "But it works perfectly on paper." An example from one of your videos is the "3D Printed Steel Bridge". Everything was golden until the pieces had to fit together. This not a blockchain problem, but it does go to that trust thing. The other thing that came to mind is the overly complex planning and approval process. These are not a unified monolith. Building codes and zoning standards alone differ from one county to another in the same State. Longstanding grift, greed and political interference is another issue that will only be resolved by eliminating most of the involvement of the the legal industry. But great start! More Please.
Yeah man, take it from a computer scientist, what she explained and it's application does not illuminate how Blockchains are used or what they are. I think she means well but it was a bit crazy if you know construction and software development.
Block chain is useless, it'll make the whole process much less flexible. At the moment, in construction, the main contractor is the centralized trustee because they coordinate, and they approve everything.
Adding block chain doesn't do anything
Thank you for saying it Belinda!👏🏾👏🏾 Contractors and Subs DO make drawings work in the real world. I believe the hiccup in implementing these new technologies is having a workforce that knows how to use the technology. Watching this video I thought of several ways to implement these processes. The drawback is you need more than one person on the job site who understands how to use this technology. If there was a small company that only uses these technologies and be were successful. Then you would see a change in the industry at a quicker pace.
Great video,! You gave me a lot to think about. 😁👍🏾
This is just a lot of word salad. Not real world.
Slow down, Chief. Did you even watch the whole clip?
Ms Carr is not convinced this blockchain stuff is any panacea in construction -it does not work in the real world of design/construction.
Ms Carr seems to have a lot of integrity.
@@TheRustyLM 80% of this video is trumpeting the PR claims of every blockchain snake oil salesman. At the end she walks it back some but in the comments she has defended still..
Like I couldn't get up and give a sales pitch for something I know is crap
I used to work in innovation in construction for a major actor in the US, and I have given this same presentation 3 to 4 years ago. Problem is, digital ledgers have been around for a while now. As long as blockchains are not recognized by governments as legal tools between entities, it doesn't make enough of a difference to be worth risking implementation and trying to onboard other partners. Sorry, but nothing new here. Move along, move along.
Always trusted this channel. But this makes no sense.
Blockchain is a solution looking for a problem. NFTs are the concentrated farts of unicorns that ate fairies.
Wonderful Reporting Belinda Thanks
Every time I watch your videos I learn something. If you aren't, you would make a spectacular contractor
We can end homelessness and starvation on a global scale, if we innovate the advantages of our automation.
I'm a peaceful very caring atheist with an interest in developing solutions.
If you think blockchain is going to do any of that, I have a patch of land in the middle of a harbour to sell you! It will do nothing of the sort. In fact because of the huge amount of energy that is wasted on this stuff: it actually adds to pollution and that impacts the poorest most.
blockchain is anonymous encrypted transactions that maintain MULTIPLE copies across a network for validation of transactions.
each transaction thus requires an update to the blockchain of every machine on that blockchain's network
THAT IS A LOT of ELECTRICITY used per transaction, compared to singular plain text server even a secured server
blockchain is the opposite of environmentally conscious
@@--Nath-- I never gave that impression, though the interpretation of that is what you considered. I would have to say that we never previously had hackers threatening to delete patients hospital records for bitcoin from the other side of the planet with a burner phone at a hacked or borrowed wifi public hotspot with a bogus ID in their wallet.
👁️👁️
@@idminister "Blockchain" is not related to anonymity and doesn't involve any encryption.
Hashing and encryption are NOT the same concepts.
You are conflating specifics of some cryptocurrencies with the general concept of blockchain. They are not one in the same. The blockchain used in other projects is more often used to leverage de-anonymizing and proving identities of those who add or modify data in the chain with digital signatures. It's more or less used for fraud detection and proof and enforcement of ordered sequences, which could be anything, like modifications to a bill of materials document.
@@idminister it's not even anonymous it's fully public it's exceptionally easy to determine peoples identities just by following the money around. A bank is far more anonymous they won't give random people yours transaction history
You didn't actually go over any of the downsides to blockchain besides "it's a new technology". Anyone can lie to it, there *is* no built in enforcement mechanism, its grossly environmentally unfriendly - where is the critical evaluation we subscribed for? This is a big disappointment.
I loved this channel when it was "shipping container homes are a scam" - Yes, finally a video that says it all! And now the biggest scam of the last two years - you're falling for this? Next you'll be making videos about NFTs!
Videos like this encourage the mindset of "believe the computer, it cannot lie" - this is not the case. Cybernetic systems merely leverage human ability and investment. 95% of blockchain applications are scams. Smart contracts have yet to work.
I see all these comments in here about how blockchain will not fit the construction industry. And I laugh! It will! By itself and in its current evolutionary state, of course not. But the merge of AI with blockchain, the need for human input will be greatly diminished. Just remember what was said about email when it first arrived! Industries will bend or break and be reborn. I think you did a great job on covering blockchain technology and its possible use cases. Keep up the great 👍 work!
Stocks and crypto are practically the same, its only the value that we give them. Leave us be already, everyone with 0 knowledge about crypto wants to dictate how we run it.
Blockchain and cryptocurrency are not the same thing. Related, but not equal.
Blockchain should be lower cost. But need a whole system that can be used by all the users on their phones. Even small companies should benefit. But again need the ecosystem out there ready to use and verified to be robust.
yeah, just what every company in the construction business wants, all their financial and workflow transactions published for the world to see!
@@Josh.1234 Yup. and all the processes that folks are trying to rub bitcoin against can be easily duplicated by a number of systems that already exist... without making it public, without having to rely on thousands of random computers and without buying into the electronic-tulips.
To understand why blockchain is valuable, you must first awaken to the knowledge that we live in a world full of thieves.
People who sit between point a and point b and charge a fee.
Politicians are pretty good example of this, as are banks.
We have an almost unlimited number of flawed implementations out there right now. There are new people getting it wrong every week.
Anyway the word for removing the middleman is disintermediation.
From an engineering perspective a significant number of profound improvements to life become possible through blockchain.
Blockchain doesn't improve anything, it's just a database with extra unnecessary steps.
Too much hype about blockchain. It is a useful technology but it is not a solution for every single problem in the world. And even for the problems it can actually solve it is not always the best solution in comparison with other more traditional technologies.
Plus blockchain is currently used a lot by B.S. companies and other scammers. It makes me suspicious about every company claiming that they use blockchain in their product.
Yeeeeeeah, this may be an unfollow for me...
Im not surprised to see the audience skeptic here. As you said the construction industry is always late to accept new technologies.
When compressed air nail guns came available carpenters were refusing to use them saying it was just new toys that would never replace a good ol hammer! Well...
A lot of the negative responses are people in both construction and technology industries.. i am a computer scientist by day and GC on my own flips the rest of the time and do some engineering and CAD.
Blockchain is not just some great thing the slow to adopters are fighting.. it literally has no utility compared to other methods of project management and authentication/integrity in the process.
This video title: Blockchain is DISRUPTING!!1!1!
The content: Blockchain could make everything better and does nothing wrong.
I'm tired of this clickbait. Not only is this manipulation on an individual level, but it is also borderline misinformation.
Imagine someone making a headline: B. Carr is a mysogenistic, antisemitic... because, well... we have no information on that, but it makes a great headline.
It WOULD negatively influence you, whether it will be proven wrong or not.
PS: Officially unsubscribed, this isn't the first time.
This is silly.
Bimchain a French company 🤦♂️
great video! I had no idea construction was so inefficient, and I had even less of an idea of how blockchain could be involved.
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