American Software Company Autodesk’s CEO, Andrew Anagnost has recently stated that Blockchain technology carries the potential to eradicate corruption from the construction industry.
Founded in 1982, Autodesk manufactures software for the construction, architecture, media, and entertainment industries. In 2018, the company’s revenue was $2.06 billion.
Speaking at the 2018 Autodesk University Conference, he stated that Blockchain could stem corruption while while delivering a greater trust in this field.
“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.”
While the CEO is extremely supportive of and interested in the Blockchain technology, Autodesk has not yet created any Blockchain powered products for the same. Anagnost asserted that this is the case because “Autodesk does not have a point of view yet that has been stated publicly.”
Autodesk has been working on its own non-blockchain digital “escrow” system designed to improve trust in the construction industry. Addressing the problem of corruption, Anagnost reportedly said that “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,” adding:
” …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.”