It’s no secret that technology is changing the world and the way we do business. The internet has redefined what’s possible for millions of people, as it has for businesses. A company that a decade ago could manage without email can’t do so now without one. And in just a few decades, the technology will be taken for granted by those who lived through its first inception, which provides an interesting perspective on just how quickly changes can happen. The biggest change that we’re facing is the rapid rate at which technology is becoming cheaper, faster, smaller and more capable than ever before. We are getting closer to a point where the technology will be available for commodity pricing, rendering all but the most forward thinkers quickly obsolete. And one of the places that have been quick to adopt and implement new technologies is construction.
Most people have heard of Bitcoin, which is a type of cryptocurrency that has gained momentum in the last year. However, it’s not the only one that is becoming more mainstream with use. Blockchain technology is being used in many different industries and has become more popular than ever before. Specifically, it’s being used to control much of the construction process, as well as protect workers’ rights on a construction site and reduce costs.
Blockchain is a secure platform that allows contractors and owners to build trust. It’s a digital ledger, which means that all information about site activity can be recorded, verified and saved. The information is transparent, and there is no risk of fraud. It helps owners avoid disputes over scope, change orders and even premiums, as well as contractor collusion. It also provides a way for workers to have their payments tracked so they can be sure they’re getting paid what they should be.
“Bitcoin is a cryptocurrency, right?” You may have heard that question before. If not then ask yourself what exactly it means to be “crypto”? Quantum AI will tell you everything there’s need-to know when dealing with this new technology!
One of the only drawbacks to technology as innovative as blockchain is that it puts a lot of control into the hands of the owner. This means that in order to be completely safe, you must trust your owner with your personal information. Although there are ways to anonymize the information, they are not foolproof. The way around this is to build cyber security into new buildings from the ground up.
In the past year, several companies have made a big push into the construction industry and have started building cyber security right into construction. The first to do this was Prodigy, which has a new product called Prodigy Connect that they’ve been testing in various locations around the country. The idea is to put in place many layers of cyber security so that even if a hacker were able to get through one layer, they wouldn’t be able to gain control of the other ones.
Remote communication tools:
One of the biggest problems with construction sites is that they are inherently isolated and far from most major cities. This means that communication can be difficult, and the more isolated a site is, the more difficult it can be. In fact, it makes it nearly impossible to have remote workers. However, with technological innovations such as virtual reality, this is quickly becoming less of a problem.
There are now contractors out there who use virtual reality for safety training for new hires and updates for existing employees. The technology is still in its early stages, but it’s being used for practical applications, such as safety training. The virtual reality app that the workers use can be programmed to replicate the site conditions and hazards, which means that it’s an efficient way to keep employees up-to-date.
The construction industry is becoming increasingly more data-driven, as evidenced by the need for new systems that can help contractors manage risk and control costs. There are over 15 different types of predictive analytics, ranging from weather forecasting to electrical and mechanical failure. However, one of the hottest is machine learning algorithms that use historical data to predict the likelihood of certain accidents or hazards happening on a site.
Machine learning is a form of artificial intelligence that uses past data to make decisions about future outcomes. It’s meant to take the human element out of construction site analysis and make it more efficient.
Open banking is another technology that could be the next big thing in the construction industry. It’s a way to give consumers better access to their finances and help them make informed decisions. The idea behind open banking is that financial institutions can share customer information with other services without breaking any laws, as long as they are transparent about it.
The five technologies that we’ve covered here are just a few of the many that are being used to change the way we do business. And as new inventions and innovations take shape, they’ll only become more integrated into our workforce. The good news is that these technologies will be used to make construction safer, more efficient and less expensive for everyone involved, including owners, contractors and workers.