Breaking Boundaries: Smart Contracts combining with Other Tech
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Abstract
May Winfield, the Global Director of Commercial Legal and Digital Risk at Buro Happold, shared her expertise in the intersection of blockchain, smart contracts, and digital technologies within the construction sector. With over two decades as a construction lawyer and a member of various digital and construction technology working groups, Winfield has been instrumental in the legal guidance and contract documents for ISO 19650. Her passion for technology and commitment to commercial processes are evident in her contribution to modern construction methods, digital twins, and AI integration.
Winfield introduced digital twins as digital representations of physical assets, emphasizing their role in facilitating informed decision-making through data from IoT sensors and technologies. She highlighted the UK's endeavor towards a national digital twin, showcasing Buro Happold's platforms that leverage gaming engines for immersive client experiences. The conversation then shifted to blockchain and smart contracts, distinguishing their application from BIM models to the more complex and data-rich digital twins. Winfield outlined the linear process of integrating BIM models with blockchain and the intricacies involved in managing dynamic data from various sources for digital twins.
The presentation underscored the challenges of ensuring data accuracy, handling vast and varying data types, and maintaining security over the lifecycle of a building. It stressed the importance of adaptability and complexity in smart contracts to address these challenges, alongside the necessity of traditional written contracts for clarity on obligations, payments, and responsibilities.
Winfield also explored the benefits of AI in automating smart contracts, enhancing transaction speed, and identifying risks and performance issues. She provided a checklist for implementing smart contracts and blockchain, emphasizing risk allocation, data management, software and hardware viability, security, confidentiality, and the imperative of having a written contract.
In summary, Winfield's presentation offered a deep dive into the evolving landscape of construction technology, highlighting the synergy between blockchain, digital twins, AI, and smart contracts. It showcased the potential for these technologies to revolutionize the construction industry by enhancing transparency, efficiency, and innovation while also outlining the legal and practical considerations essential for their successful integration.
Keywords
Digital Twins, Blockchain, Smart Contracts, AI in Construction, ISO 19650.
