Emerging technology could hold the key to avoiding payment delays in the building industry, new episode reveals
Can emerging technologies such as blockchain curb persistent industry problems, such as delayed payments? As Construction Week hears in this video, some experts in the GCC believe it’s possible.
Digitally powered construction contracts could be an important part of the industry’s future both around the world and in the region. Blockchain, combined with automation, could transform the building sector that is typically hindered by late payments and ensuing disputes.
Mohammed Aziz, who advises public-sector organisations in the UAE and Saudi Arabia as the chief executive officer of 8Lock Blockchain Solutions, says ‘smart’ contracts may be a small part of the contract market in the Gulf, and indeed the world, but if honed correctly, then they may reshape the way the construction industry does business in the years to come.
In this video, Construction Week’s deputy editor, Oscar Rousseau, explores how new and ‘innovative’ technology applications such as blockchain might impact the construction sector in the future.
Construction Week In Focus is a twice-weekly bulletin of the Middle East’s top news from the real estate development and contracting. The series is hosted on Construction Week‘s YouTube channel, alongside weekly series published by its sister titles. The latter includes MEP Engineered by MEP Middle East, FM Live by facilities management Middle East, and Heavy Metal by PMV Middle East.
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Construction Week In Focus episodes are published each Sunday and Wednesday. Heavy Metal episodes are published on Mondays, and FM Live updates are presented on Tuesdays. MEP Engineered rounds off the week each Thursday. All videos are published at 4.30pm Dubai time.