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PTEC and Alastria have signed an agreement to the boost Blockchain in the construction sector

PTEC and Alastria have signed an agreement to the boost Blockchain in the construction sector

Madrid, November 16, 2022.- The Construction Technology Platform (PTEC) and ALASTRIA have signed a collaboration agreement with the aim of contributing to the development of Blockchain technology in the construction sector in Spain during a ceremony attended by the presidents of both organizations, Pedro Fernández Alén and Miguel Ángel Domínguez, respectively.

Blockchain technology has a key role for all players in the sector due to its disruptive and versatile nature that aims, among others, to improve current work processes, increase efficiency in the management of the supply chain, safety at work, traceability of materials, etc.

One of the main benefits of integrating Blockchain technology are Smart Contracts, which allow the automation of processes, executing automatically on a Blockchain network only if a series of conditions previously agreed between the parties involved are met. It is a flexible technology, which helps the parties involved to collaborate with total trust and transparency, which allows to know every detail (who, when, and how) of any process, which can be easily integrated with other technologies such as BIM, and which guarantees secure data storage.

One of the main advantages of Blockchain integration is the cost and time savings, as well as the increase in security, it also requires a certain initial investment (mainly economic, but also time in the redesign of the business structure, i.e. human resources), and whose access is not easy for smaller companies.

According to Carlos Martínez, Managing Director of the Construction Technology Platform (PTEC), “the arrival of the Blockchain to the sector requires, on the one hand, a great effort by the business fabric and, on the other hand, support from the Administration, being a great opportunity, for example, the Next Generation funds, and for which we will continue to fight to make a gap in the construction sector that is gradually trying to reach other more evolved sectors in terms of digitization such as the automotive or health sectors.”