The Australian state government’s blockchain platform will track the origins of resources, subcontractors and construction processes involved in the construction of buildings.

The auditing company KPMG, one of the Big Four, has partnered with Australian real estate developer Mirvac to develop a blockchain-based platform for tracking the origins of buildings..TO

The government of the state of New South Wales commissioned the platform.

Inspired by supply chain initiatives to track beef products using blockchain, The platform will enable real estate insurers, investors and owners to access verified data on the resources, subcontractors and construction processes used in the construction of a property.

The Australian state government’s blockchain platform will track the origins of resources, subcontractors and construction processes involved in the construction of buildings.
The Australian state government’s blockchain platform will track the origins of resources, subcontractors and construction processes involved in the construction of buildings.

A functioning model should be ready for use within six months and tested in existing buildings which will be fixed amid the recent flammable coatings crisis, as well as an upcoming Mirvac development.

The integrity and reliability of Australian real estate construction has become a major concern following the Grenfell Tower disaster in 2017. in the UK, 2019 led to a national investigation into the safety of materials used in Australian buildings.

The later report estimated that It would cost approximately $ 4.2 billion to repair thousands of homes that have dangerously flammable coatings on them. By February 2021, it is estimated that only 11 of the more than 3,400 affected buildings had been repaired.

William Payne, Digital Director of Mirvac, highlights the challenge for consumers who have access to detailed certifications and records of the safety of materials and procedures used in the construction of a property:

â ???? The more you know about what has been done in a building and understand not only the physical materials but also who took part in the installation, etc., the more confidence you have in the quality of all parts of the building. ?

Australia recently emerged as a leader in blockchain provenance projects; The federal government announced two grants of $ 3 million each to blockchain teams seeking mineral certification and excise solutions.

In early 2020, the government also released its five-year National Blockchain Roadmap; cited supply chain monitoring for agriculture and wine exporting, and educational certification and identity verification for the financial industry as the three most promising use cases for DLT.

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