Use of blockchain-based distributed ledger and smart contracts for a construction project
Abstract:
Exemplary embodiments may reference a record of a construction project on a blockchain-based distributed ledger. Materials arriving to the project may be recorded as part of the permanent record. The exemplary embodiments may receive or determine a construction schedule that contains full project details and sequencing, including the specification of dependencies. Smart contracts may be provided that use the blockchain-based distributed ledger for each step or task of the construction schedule. Via smart contract, exemplary embodiments may place and terminate insurance coverage based on the construction schedule and contracts. The exemplary embodiments may build a complete record of plans, the actual “as builts” including make, model, serial number or other identification of for every component in the home resulting from the construction project. The record may include a complete record of who completed the work, who inspected the work and how the project was insured and funded.
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