Blockchain construction contract management solution Sherlock, developed by DoshEx, has been selected as one of three shortlisted candidates for the Blockchain Trailblazer category of the 2020 IBM Beacon Award.
An enterprise-ready smart contract management and administration solution, Sherlock combines Internet of Things (IoT), Distributed Document Management and Blockchain to improve the management of construction contracts.
The IBM Beacon Awards recognise IBM business partners around the world who create spark innovation using IBM products and technology.
Sherlock can be used with existing construction contracts for capital project builds, as well as custom fit-for-purpose smart contracts, DoshEx CEO Alex de Bruyn says.
Sherlock provides a smart contract management network, using blockchain and distributed technology to increase transparency and reduce the reliance on trust in a network and IoT to create a trusted device to gather accurate data on real-world events. This network runs on the IBM Blockchain Platform, underpinned by Linux Foundation’s Hyperledger Fabric.
“The smart contract makes certain data transparent to everyone involved across the project, while protecting confidential commercial agreements between specific parties. Data is captured in the field and is reported in near real-time immutably, on Sherlock,” De Bruyn explains.
This ensures that everyone working on a project has a single view of the truth. There are no longer issues of version control on drawings, questions around sign-off or disputes regarding payment processes.
Robust in-field biometric devices are used to capture data such as milestones, compliance checks or sign-offs, while IoT devices are used to monitor specific events to self-execute contractual agreements. For example, once a specific contractual milestone is captured, a related payment instruction process can automatically be triggered.
The solution was developed with the construction sector in mind, but…