How Blockchain Technology Is Beneficial to the Interior Industry?

The benefits of utilizing blockchain for businesses are numerous and many of them stand out. If you are into interiors, here's why your business might want to consider blockchain.

Many people relate blockchain technology with cryptocurrencies like Bitcoin. Indeed it is true that it was the success of Bitcoin that brought blockchain technology into limelight. But Bitcoin is just one example of blockchain application. Many sectors are already blessed with the immense benefits of blockchain technology. Yet the adoption into the interior world has been slower to catch on. Many are wondering how this revolutionary technology relates to interiors. So before we dive into the application of blockchain in the interior, let's start with basics.

Blockchain is a public ledger in which transactions are stored chronologically. The history of transactions is linked together with cryptography and shared with each node in the network. It is peer-to-peer conceptualized and transactions take place without an intermediary.

Here's why it's great

• • It allows verification without depending on third parties.
• • The data is stored in an append-only manner. So, the data cannot be changed or altered.
• • Transactions are stored chronologically. Thus, all blocks are time stamped.
• • It is distributed because the ledger is shared across every single node in the network.
• • All transactions are transparent. Authoritative individuals can view the transaction.
• • The transactions stored in blocks are contained in millions of computers taking part in the chain. Hence it is decentralized.
• • Since different consensus protocols are needed to validate the entry, it resolves the issue of duplicate entry or fraud. Because of this, you can see how blockchain can be beneficial in the transactions of any industry. But did you know blockchain can be equally beneficial to the worlds of the interior? Let's check how blockchain has the potential to revolutionize the way we look at the interior industry.

Blockchain with property

Contrary to the famous misbelief of technology, blockchain does not need to be associated with cryptocurrency. Blockchain is not a digital token. One of the capabilities of blockchain is called smart contracts, which allow you to bind a condition to the transaction. In other words, the same technology can be used to establish a contract, say, in case of interior - building maintenance.

For example, if you have a light fixture built into space, you have a sensor that can track if the light is working or not. If the light goes out, the blockchain platform can notify the system administrator to change or repair the light. Everything can be specified in the smart contract like who is responsible for maintenance, which company, or even which internal staff is responsible, etc. In this case, the Internet of Things [IoT] can help to track whether the issue is resolved or not and smart contracts can then make payments to the service provider automatically once a task is complete.

Blockchain with Project Management

When it comes to project management, blockchain's immutable approach to keep record unaltered supports accuracy in time tracking. Suppose you want to know about the progress of the work and how long the laborer has been on-site. Blockchain allows you to track how much time laborer has spent on the job based on how long their IoT device [smart phone] was on the site. Additionally, you can have an automated payment system bind with particular action i.e. release payment after the system verifies that work has been done.

Automating the process reduces accountability issues such as time tracking, payment processing, etc. Less time is spent on back-end administrative tasks and more time is dedicated to end-user and their requirements.

Blockchain with Design

Blockchain's most valuable asset is its ability to secure the transaction of proprietary information. Blockchain is a distributed ledger. This ledger is shared on all the computers that process the information. You can always check what has taken place, when, by whom, which can reduce the fraudulent activities.

In the case of interior design, this is the good news for designers looking to protect their intellectual data. This is specifically beneficial when working with many parties in an open marketplace. Additionally, blockchain can verify who has access to the document. When working with designs, this guarantees the accurate version control.

This way blockchain technology has the ability to change the way the interior industry works.