Blockchain platform developed by the Australian state government could help prevent a tower block fire

  • The platform will monitor the material resources, subcontractors and buildings used to construct Australian homes
  • The New South Wales government commissioned the platform
  • Australia recently became a leader in blockchain projects

In partnership, the big-four accounting firm, KPMG, has developed a blockchain platform for the tracking of buildings with Australian property developers, Mirvac. The New South Wales government commissioned the platform. Building on Blockchain’s supply chain initiatives to track beef products, the platform will give property insurers, investment companies and owners access to verified information on resources, sub-contractors, and construction processes in the construction of a property.

Next development projects for Mirvac

In addition to Mirvac’s upcoming development, a working model shall take place in six months’ time and be piloted on existing buildings, which are being revised as part of the recent inflammable cladding crisis. The integrity and trustworthiness of Australian property construction have emerged as a major concern after the 2017 Grenfell Tower disaster in the United Kingdom prompted a national investigation into the safety of materials used in Australian buildings during 2019.

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The report following estimated that it would cost about $4.2 billion to fix thousands of homes equipped with hazardous fuel-intensive coatings. Only in February 2021 were estimated 11 of the 3,400 or so buildings concerned.

The following report estimated that fixing thousands of homes equipped with hazardous fuel-intensive coatings would cost about 4.2 billion US dollars. Only 11 of the 3400 buildings in question were estimated at February 2021.

According to William Payne, consumers face a number of challenges

Mirvac’s digital officer, William Payne, highlighted the challenge facing consumers in order to obtain certification and detailed records on safety in their building materials and processes.

The closer you get to know what has gone into a building and the greater the confidence all parties have in the quality of the building, not only physical materials but also who has been involved in their installation and so forth.

Australia has recently become a leader in blockchain projects, with two $3 million grants to blockchain teams targeting certification of minerals and excise tax solutions from the federal government.

Earlier in 2020, in addition to certifying education qualifications and identification verifications for the finance industry, the government unveiled its 5-year National Blockchain roadmap citing supply chain tracking for agriculture and wine exports as the three most promising uses for the DLT.

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Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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