Jun 17, 2020
Tapping agility and accountability at construction sites with Taraxa.
Learn how Taraxa fills the gap in critical ops data to help construction project owners and contractors be confident in timing and deliverables.
Why change orders remain the most pressing issue at construction sites.
A typical commercial construction project involves on average 56 change orders. McGraw-Hill Construction
Coordination overheads keep ranking high in causes of delays at construction sites. The problem comes down to the absence or poor functioning of process management systems on construction sites. McGraw-Hill Construction cites better communication via technology as one of the core strategies to cut rates of change and error in construction.
Optimizing workflows and lowering the cost of ownership is the industry’s top concern, but the reality is that very few enterprises have a credible system in place to efficiently capture critical data streams.
Foster transparency and build accountability on construction sites with Taraxa.
A reliable data collection system running across the building project will ultimately optimize time and asset management on construction sites and ensure that costs associated with change orders remain low.
To get started on the data-driven path and mitigate force-majeure scenarios typical of construction processes, the parties first need to adopt an appropriate toolset and technologies for collection and tracking of each change order that occurs on a construction site.
Taraxa offers a robust platform to help construction teams manage workflows and capture sign-offs on unwritten change orders. We use the unique properties of distributed ledger technology to collect and audit operational data at every stage of the construction process, with smart contracts automatically issuing invoices and payments linked to project milestones.
‘For change orders management, our cloud-based data auditing platform makes it easier for building owners and general contractors to track progress and accountability across multiple teams at any stage of the project’. Steven Pu, Co-Founder and CEO.
Manage change orders with 100% confidence in their accuracy.
- Browse sign-offs in a single interface where they are automatically date- and time-stamped to have a 360-degree view of the project’s progress.
- Data points on the project status and the contract terms are pulled into a scalable cloud and anchored to the blockchain.
- All critical operational records are cryptographically signed in to deliver a transparent, tamper-proof audit log of all change orders initiated on the original contract.
Smart contracts to speed up the sign-off process.
- Contract terms are securely recorded on the blockchain, which makes their fulfillment traceable and boosts accountability on-site.
- Contract management becomes efficient and fast through the automatic execution of contract terms and sending the invoice payments once the sign-off is finalized.
