Australian state government blockchain platform may stop tower hell

The Big Four accounting firm KPMG and Australian real estate developer Mirvac have developed a blockchain-based platform to track the provenance of buildings.

The platform was commissioned by the New South Wales Government.

Draw inspiration from supply chain planning track Beef products use blockchain, and the platform will allow property insurance companies, investors, and owners to access verified data about resources, subcontractors, and construction processes used in the property construction process.

A working model is planned to go live within six months. In addition to the upcoming development of Mirvac, it will also be piloted on existing buildings undergoing rectification during the recent flammable cladding crisis.

After the Grenfell Tower disaster in the UK in 2017 prompted a national investigation into the safety of materials used in Australian construction during 2019, the integrity and credibility of Australian real estate construction has become a major issue.

Subsequent reports estimate that this will cost approximately US$4.2 billion Repair thousands of houses with dangerous combustible cladding.As of February 2021, it is estimated that only 11 More than 3,400 affected buildings have been repaired.

William Payne, Mirvac’s Chief Digital Officer, highlighted the challenges consumers face when seeking to obtain certification and detailed records regarding the safety of materials and processes used in building properties:

“The more you know about the internal structure of the building, not only the physical materials, but also the people involved in the installation, etc., the greater the confidence of all parties in the quality of the building.”

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Australia recently became the leader of the blockchain origins project, the federal government announced Two US$3 million grants Each blockchain team focuses on mineral certification and consumption tax solutions.

In early 2020, the government also announced its five-year plan. National Block Link Diagram, Citing supply chain tracking of agriculture and wine exports, and education qualifications and identity verification in the financial industry as the three most promising use cases for DLT.