Builderium is a blockchain based ecosystem for the construction industry. On this unique platform, customers/clients, construction contractors and workers will come together so that they can build construction projects in a more efficient and effective way. This is a big step towards creating new ways of bringing efficiency in industries which are age old
Disrupting the construction industry
Construction industry is currently undergoing a technological transformation which has brought immense scope for growth and expansion. With an estimated market size of $10.5 trillion by 2023, the quality of services delivered will experience a facelift. Problems related to high cost of providing and sourcing for advertisements, metrics to check for reliability and track records, assurance of payment, etc. are still prevalent. While many traditional industries like financial, healthcare and transportation or energy markets have evolved, construction industry still relies mainly on old-fashioned and generic ways of communication and advertising with no centralized regional or global trust platform in place. Builderium is a decentralized solution for connecting construction workers and contractor clients. It is aimed at solving problems like the difficulty of finding clients under a highly competitive market, integrated availability of jobs for construction workers, price optimization etc.
The Builderium team, after significant deliberation, set out to create a platform which aptly solves the issues affecting the construction industry and the pervasive challenges of freelancing platforms. Faced with a task of this magnitude, the time devoted to research and development was substantial as we seek to redefine the paradigm in the construction industry. The construction industry is ripe for disruption, and the Builderium team took it upon itself to spearhead this revolution
Budget adherence through reverse auction
Unlike a conventional auction process, where a seller reduces the price of his goods until he sees a buyer to match his price, a reverse auction is a process which involves professional building contractors offering to bid to take on jobs posted on the platform by an individual or business entity in need. On Builderium, anyone in need of a home renovation project or building construction will post the details on the platform and the numerous clients available are notified to apply for the job. The client specifies the minimum amount he must spend, and this specifies the maximum amount any professional can offer as the cost of the project. To ensure that the professional is committed to the project, a token is required to partake in such bids. With this strategy in place, as a buyer you can be confident that you are getting value for money and your project will be completed, even on a strict budget.