Blockchain technology is bringing to the renovation industry a renewed sense of accountability. Source: Shutterstock
HKDecoman says blockchain will make business easier for renovators
NO industry is immune to digital transformation. Most companies are playing catch up when it comes to technology, although some business structures are just more compatible with digital shifts.
In the case of home renovation, where the majority of projects are offline, digitization seems more challenging. However, HKDecoman founder Benny Liu tells Tech Wire Asia that he strongly disagrees.
HKDecoman is a marketplace platform for traditional renovation companies to provide services to homeowners, aiming to digitally transform the industry.
The Hong Kong-based company announced plans to be the world’s first blockchain-powered online renovation platform this year and will be partnering with fintech platform MoneySQ for the project.
Blockchain technology and its smart contracts feature can simplify the multi-phased renovations process onto one ledger — which is why the two companies see value in the collaboration.
“There’s a lot of paperwork throughout the process of renovation. For that reason, smart contracts will be more convenient for both the renovation companies and homeowners.”
As there are many phases to home renovations, amendments may follow after the initial signing of a contract. A blockchain-based solution will be able to record each amendment made to ensure both parties are on the same page.
“If there are add-on changes after the contracts are signed, it has to be made on the smart contract. There will be evidence. Simple. No conflict. So, there won’t be delays [in project completion].”
How will blockchain be received by HKDecoman users?
“No matter the technology, as long as it helps with business, [renovation companies] will welcome it,” Liu said confidently.
Blockchain technology is bringing a renewed sense of accountability and integrity to the multimillion-dollar industry.
Liu quotes the lack of [scope] clarifications to be the most common reason for delays. He believes that the incorruptible ledger will simplify things for both renovation companies and homeowners.
For example, if there are conflicts regarding changes that affect the initial plan, users can refer to the ledger for clarifications.
“It cannot be changed by a third-party. Whenever there is conflict, everyone can rely on the record and that’s why we chose blockchain.”
The immutable technology works as a single source of truth all parties can trust. Instead of wasting productivity hours on back-and-forth communications, projects can run smoothly and complete in time.
The utility of blockchain technology on a platform like HKDecoman is a transferrable solution that can help other businesses resolve delays too.
At the end of the day, that’s what technology is meant to do — to simplify processes and make our lives easier.
Michelle Chan is a technology journalist covering the intersections of business and technology, and how they impact the future of enterprises.
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