PrairieDog, a cutting-edge construction innovation hub and technology supplier, is excited at the prospect of more building activity in the US after releasing the infrastructure investment bill. The company started working with Blockchain pioneer SIMBA Chain in August 2021 to develop smart contract solutions assisting the construction industry in cleaning up transactional waste by improving traditional business processes, eliminating contentious smart contracts, and moving towards digital transformation.
PrairieDog used the SIMBA Enterprise Platform (SEP) used by the US government, companies, and academic institutes, to develop smart contract solutions for standard multiparty infrastructure contracts.
Pete Dumont, the CEO of PrairieDog, stated that contract leakage, expensive claims, and disputes are all common problems in this sector. The procedure of invoicing is still mostly manual, and that transactional clarity is required.
Smart contracts assist in capturing payable events, the automatic processing of transactions and payments, recording these events on the Blockchain, providing resources for members of the parties, and reducing transactional waste. Parties have fewer items to dispute when smart contracts are used. Smart contracts allow businesses to pay as fast as net 1-day if they so want.
According to David Wasson, the Director of Enterprise Business Development for SIMBA, PrairieDog uses the SIMBA Enterprise Platform (SEP) to create smart contracts that carry user-friendly features, allowing them to automate payments and reduce human error and prevent conflicts. Smart contracts allow for quicker payments, thereby incentivizing stakeholders and improving construction timeline and quality, resulting in cost savings.
Adopting Blockchain to Construction
Construction is among the top businesses, but it’s also one of the least efficient and hesitant to adopt new technology. With the introduction of Blockchain, there will be a new economy built on transparency for capital investments. Blockchain acts as a leveler, providing a crucial ‘single source of truth.’ Blockchain technology will stay for long, and early adopters will outperform their conventional competition.
By using Smart Contracts and NFTs, SIMBA Chain allows businesses to uncover the hidden value of their physical and digital assets. SIMBA Enterprise Platform (SEP) allows widespread acceptance and implementation of practical Web 3.0 solutions in decentralized form based on Blockchain and securely linked graph data.
PrairieDog uses smart contract technology to add instant value to capital projects as part of its larger aim to build a new construction market network based on transparency and fiduciary relationships. The PrairieDog leadership team comprises construction industry specialists sharing ideas with their colleagues in the Construction Industry Institute’s (CII) Operating System 2.0 (OS2) program.