Digital Payment Rails
Tokens are programmable money
Programmable money is something so radical that we may not understand its implications for years to come.
- Jeremy Epstein
NEW LEVEL OF PAYMENT CONTROL
CHECKLISTS PROVIDE ENHANCED GOVERNANCE OVER TASK PAYMENT APPROVAL
Each checklist item will include GPS and time stamping that can include specific photo/video documentation
EACH CONSTRUCTION TASK CAN ONLY BE PAID WHEN IT IS VIABLE FOR PAYMENT BASED ON CRITICAL PATH DEPENDENCIES.
For example, a roofer can’t be paid prior to the decking being complete
GEO-FENCING ONLY ALLOWS TASK PAYMENT APPROVAL WHEN PHYSICALLY LOCATED ON PROJECT SITE
The same also applies to checklist submittal and approval.
Why is our Commitment Token so powerful?
Excerpt from BisNow Magazine
This diagram shows how commitment tokens would work to distribute funds from the construction loan to the project owner, trade contractors and manufacturers.
Likewise, any supplier, such as an HVAC manufacturer, could be paid by the subcontractor using the tokens, which would be activated upon delivery. Bowden said this approach would help builders using the tokens be more attractive to subcontractors — in a market that is currently short on subcontractors, which can delay work and drive up construction costs — since they would be paid instantly.
It would also reduce liability across the board since payment for goods and services would be instantaneous and would be tied directly to the construction loan.
For all the potential it holds, Bowden said his mission isn't to proselytize about blockchain. "I want to create real value and real impact in improving the construction industry's efficiency," he said. "I don't look at the blockchain as the end, I took at it as the means to the end."