Good afternoon! What elements does the architecture of smart contracts that will be used on BitRent consist of?
Hello. Thank you for question. When creating a project inside the platform, automatically created a pool of smart contracts what will monitor all processes, from monitoring construction, to financial management.
A separate smart contract will be created under each structural element and for each type of work.
After installing such structural elements, data from RFID chips and sensors (for example in concrete) will be transferred to the database. This information will be checked against the data of the BIM-model of the building.
With the correct installation and compliance with all technical parameters, the smart contract confirms this stage of work.
When the smart contract confirms the stage of work, then the following actions take place:
- the digital model of the building, which is responsible for monitoring the erection and technical standards, receives confirmation of the installation of a new element. Further it is visualized to investors and auditors information about the implementation of this stage of work.
- the financial component of this stage of work is fulfilled. Starting from the formation of accounts for materials, and before the calculation of payments. If necessary (if provided by a smart contract), funds are transferred to the account of the developer. This is briefly about the essence.
For the ultimate investor, on his interface he will see the progress of construction, the implementation of step-by-step smart contracts, reports on the funds used, the growth of the capitalization of the construction site, compliance with the construction schedule and many other parameters necessary to assess the progress of its facility.
We are limited in the dissemination of data by the non-disclosure agreement according to Oracle construction & engineering.
Does it mean that separate smart contracts will be created for each stage of construction?
