Australian Authorities Approve New Residential Blockchain Analysis Scheme.

Australian Authorities Approve New Residential Blockchain Analysis Scheme.

The powers that be in New South Wales has approved a new project that involves collaboration with several financial firms and the Australian property group(Mirvac). The scheme will involve four financial institutions(KPMG) partnering with Mirvac to employ blockchain technology in creating detailed records of all the activities and stages in the building of Australian residential houses.

Borrowing a leaf from the blockchain methodology used in keeping tabs on beef products, the scheme will make available detailed information of all the processes that was engaged in during the building of structures to property owners. A trial run for the scheme will be carried out for six months. Residential houses already built but are under reconstruction because of its high risk cladding will be used for the experiment.

Confidence as regards methodology used in erecting structures in Australia has been a major point of focus after the Grenfell Tower fire outbreak in 2017. The incident spurred inquiries into the safety of construction materials used in erecting buildings in the country in 2019. Report has it that about $4.2 billion would be needed to reconstruct the large number of residential homes that have flammable cladding. 11 buildings out of the over 3,400 affected buildings have been worked on according to February 2021 reports.

Mirvac’s top executive stressed that it was difficult for property owners to access in-depth information as regards the safety of building materials used for construction. Hence, the scheme will ameliorate the situation. Australia is a leading country in this blockchain scheme. The authorities of the country made public its grant award of $3 million each to blockchain groups that will work on mineral certification and excise taxation solutions. Early 2020, the government made known its five- year blockchain technology goals with application in different sectors.


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