Construction Company
Location:
USA
Industry:
Construction
About the Customer:
A US-based construction company addressed Infopulse with the need to modernize their existing supply chain management system, connecting multiple parties involved in the construction process. Our team developed a working PoC of a blockchain-based digital platform bringing together all legal entities in the project’s hierarchy.
Executive Summary
Goal: Modernize the supply chain management system (SCM) of a US-based construction company to facilitate financial operations, enhance data security, and reduce intermediary costs.
Solution: Infopulse developed a working proof of concept of a blockchain-based platform using Hyperledger Fabric smart contracts to automate and consolidate SCM processes and ensure secure access to sensitive data for authorized participants.
Benefits: Streamlined financial operations, performance-based subcontractor selection, enhanced data protection, automated invoicing & improved paperwork, accelerated overall supply chain management.
Services delivered: Blockchain & Custom Software Development.
Business Challenge
A US-based construction company addressed Infopulse with the need to modernize their existing supply chain management system (SCM), connecting multiple parties involved in the construction process.
The system had to:
- Facilitate multiple financial operations and enable secure and robust lien waiver management.
- Support a complex supply chain management hierarchy.
- Provide and limit access to sensitive data to specific participants involved in the construction.
- Simplify distribution of budgets between different parties (budget owners, general contractors, sub-contractors and suppliers).
The client also wanted to cut costs needed for intermediaries overseeing agreements and payment processing. It was also essential to build an effective scoring system allowing to select a subcontractor or supplier based on their rate and feedback from other general contractors.
Solution
- Our team developed a working proof of concept of a blockchain-based digital platform bringing together all legal entities in the project’s hierarchy.
- Relying on Hyperledger Fabric smart contracts, the solution consolidates and automates siloed SCM processes and optimizes financial operations.
- Decentralized nature of blockchain excludes intermediaries.
- Additionally, it introduces a scoring system to allow budget owners and general contractors to pick out suppliers based on their performance evaluation scores.
- Enables private channels of Hyperledger Fabric to give access to sensitive data only to authorized participants.
- Ensures transparency and at the same time, limits access to information on payments and transactions to specific legal entities.
Business Value
For budget owners and general contractors (GCs), the solution allows:
- Simplifying financial operations conducted in an integrated blockchain-based SCM system.
- Choosing and hiring sub-contractors/suppliers based on their score and evaluation marks from previous employers.
- Monitoring their work progress, contractual agreements, lien waivers, budget, invoicing, and payments.
- Handling contracts and transactions (including advance payments) within the project hierarchy.
- Facilitating management of lien waiver, issuance of payments, and work package completion.
- Supervising the construction project and managing the accounts of the contractors and suppliers of all levels in the hierarchy.
- Improving sensitive data protection to other parties.
- Facilitating paperwork and automating invoicing, transactions, documents signing, etc.
- Speeding up supply chain management operations and construction processes.
Technologies
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