Autodesk CEO Comments On How Blockchain Can Benefits Construction Industry Corruption

In what is being considered to be another major endorsement for the blockchain sector as a whole, Autodesk CEO Andrew Anagnost, told a respected Australian media outlet recently that blockchain tech (if used wisely) has the potential to weed out corruption from within today’s construction industry.

As many of our readers may already know, Autodesk was founded in the early half of the 1980’s. The company primarily deals with the manufacturing of software which can be used within various industrial domains including:

  • Construction
  • Architecture
  • Media

    At this point, it is also worth mentioning that as per latest financial statistics released in relation to the firm, it was found that company’s overall revenue draw for the year 2018 (until Nov) has been somewhere around USD $2 billion.

    Anagnost, who spoke at the recently concluded Autodesk University conference in Las Vegas, mentioned that blockchain enabled platforms have the potential to gradually get rid of the systemic corruption that has seeped into today’s construction industry. In this regard, he was quoted as saying:

More On The Matter

“What is blockchain good at? It's a distributed, trusted ledger that cannot be altered and allows traceability and accountability. A technology like that in an environment like construction where various people involved in the process don't trust each other is going to find some kind of application.”

With that being said, it is worth noting that up till now, Autodesk has still not deployed any blockchain-powered products of its own (thereby raising questions as to why Anagnost is so hyped about the technology).

Autodesk is Working on its Very Own Non-Blockchain Digital Escrow System

While Autodesk may not be releasing any blockchain-based products anytime soon, it is being reported that the firm has devised its very own transparent ‘escrow’ system that aims to tackle issues related to corruption that currently exist within the construction sector.

Elaborating further on the features of the aforementioned offering, Anagnost was noted as saying:

”It makes it very difficult to track who is responsible for what, so one of the big technological problems we're going to have to solve is making sure it is not optional to provide traceability and accountability,”

He then went on to add:

” …corruption in the construction industry is not uncommon. When people are paying hundreds of millions of dollars on large projects, something is always happening somewhere that isn't quite right. There's always someone bleeding off resources or money in some inappropriate way.”

Final Take

Over the course of the past few years, a host of companies as well as government agencies have begun to deploy blockchain based administrative systems so as to deal with budding issues of corruption and tax evasion. For example, just recently, the Spanish government amended its existing anti-corruption laws so as to incorporate new blockchain and artificial intelligence (AI) solutions within its administrative framework.

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