Since the beginning of 2020, the Australian government uncovered its five-year National Blockchain Roadmap, referring to the inventory network for agribusiness and wine exports and certification of educational qualifications and identity check for the financial sector.
Australia recently arose as a pioneer for blockchain provenance projects.
The government declared two allocations of $3 million each to blockchain groups focusing on minerals accreditation and excise tax assessment arrangements.
It was inspired by the supply chain model to manage and track beef products by using blockchain.
Big Four Accounting firm KPMG has joined forces with Australian property developers Mirvac to create a blockchain-based platform to keep an eye on the provenance of structures.
All set for the blockchain platform to go live.
With a working model within six months, and will be guided on existing structures that are going through a correction in the midst of the new explosive cladding emergency, notwithstanding an iimpending improvement from Mirvac.
The Need for a Blockchain Platform
The need for developing a blockchain started way back in 2017 after the Grenfell tower disaster in the United Kingdom.
The uprightness and dependability of Australian property development have arisen as a significant concern since then and a national investigation was undertaken for the quality of materials used in the year 2019
The resulting report assessed that it would cost generally $4.2 billion to fix a huge number of homes that are fitted with perilously ignitable cladding. As of February 2021, it was assessed that only 11 of the in excess of 3,400 influenced structures had been fixed.
Now, the blockchain platform, once initiated, will provide property insurers, owners, and investors to gain access to verified data about the resources along with all the details, including subcontractors, building stages, and processes during the entire construction process.
More information one has about the quality and the know-how of the construction project, the more confidence one has in that project, and it’s not just restricted to the materials but also as to who completed the task and their background.
