Crypto and Construction


Cryptocurrency, also known as Crypto-currency or Crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions.
Cryptocurrencies do not have a central issuing or regulating authority. A decentralized system to record transactions and issue new units is used instead.

The first Cryptocurrency was Bitcoin, which was founded in 2009 and remains the best known today.

Cryptocurrency is a peer-to-peer system that can enable anyone, anywhere, to send and receive payments and does not rely on banks to verify any transactions. Cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer Cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is so-called because it uses encryption to verify transactions and is stored in a digital wallet. Advanced coding is involved in storing and transmitting data from wallets to public ledgers.

So how does it work?

Cryptocurrencies run on a distributed public ledger called Blockchain. This is a record of all transactions updated and held by currency holders. Cryptocurrency units are created through a process called Mining. Mining involves using computer power to solve complicated mathematical problems that generate coins. Users can also buy the currency from brokers, and then store and spend them using the Crypto wallets.

Cryptocurrency is not tangible. You will only own a key that allows you to move a record or unit of measure from one person to another without a third party. It is also considered to be immune from inflation because there is a fixed supply and the Government cannot manipulate the value. The market manipulates the value based on supply and demand.

Are there any benefits of using Cryptocurrency?

Two of the significant benefits of using crypto are that there are fewer fees and the money is available almost instantly. Instead of paying bank fees for electronic transfers or credit card processing, providers pay less than a cent per transaction. Cryptocurrency can also be instantly transferred into cash and deposited into your bank account, cutting down the time it takes to get paid.

For international companies, using Cryptocurrency avoids exchange rate calculations and converting cash into different money types. Vendors will also have more control over their funds as transactions cannot be reversed by the purchaser. If a customer wants to get their money back, they must request it from the vendor. This protects vendors from customers who make purchases and then cancel and do not return the merchandise.

Crypto and Construction?

1. Smart Contracts
Smart contracts are automated contracts that reduce the necessity of intermediaries and can save time and money and are poised to make their mark on the industry. Blockchain is one way that these contracts can be updated and transactions recorded.
2. BIM
Building Information Modeling (BIM) technologies are being implemented on project sites.
When combined, BIM and Blockchain can work greatly to enhance the effectiveness of smart contracts. Combining BIM and Blockchain can work in holding all parties on a project accountable and creating a higher level of transparency. The combination could improve the effectiveness of BIM technology. Currently, BIM uses peer-to-peer networks for information sharing, but Blockchain could make updates in real-time. This constant feedback and monitoring would help with transparency, lead to better overall communication and ultimately result in a higher quality of workmanship on a project.
3. Payments
The Blockchain concept is built around a monetary exchange, as it involves Bitcoin and/or Cryptocurrency.
Blockchain can therefore be used to streamline payment processing. Getting timely payments to all stakeholders on a project tends to be a significant challenge for many companies.
Failure to pay on time can lead to conflict, and when a dispute arises, there is potential for the project to go south as a result. By increasing security and creating traceable information, Blockchain can improve the payment process. One technology poised to play a role is BuilderChain, a platform that’s designed to change the way sub-contractors are both hired and paid. It can better ensure that sub-contractors are paid fast and that relationships with good subcontractors are fostered.
4: Supply Chain Management
Blockchain can help trace physical items from origin to destination.
It can help improve transparency, which can help all parties stay on the same page and avoid potential pitfalls and oversights.
Similarly, Blockchain can help enable contractors to use unique digital identifiers to verify vendors and suppliers, and thereby grow their reputation over time based on how well their work is performed. These digital IDs can help a company verify the credentials of any subcontractors before they are hired.

The Cryptocurrency market is quite volatile, so users should be prepared for ups and downs. Cryptocurrency is relatively young and is considered highly speculative. If you plan to participate, do your research and invest conservatively to start. Do you think Crypto and Construction related applications will be adopted well in Africa?


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About Melanie Miles

One girl who would rather wear boots than high heels...

Infographic: Tenders

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Are you looking for leads in SA and Africa? View our infographic on Tenders and Subscribe today to take advantage of all the benefits.


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About Sasha Anderson

Millennial Mom + wife living the hash-tag life. Remember: If You Fail - Fail Forward

Featured Company: Shisalanga Construction (Pty) Ltd

 

Read about who’s who in the Industry: Since opening as a small asphalt plant in Dundee, KwaZulu-Natal in 1998, Shisalanga Construction (Pty) Ltd has grown from strength to strength, continuously pushing the boundaries of innovation and becoming market-leaders in asphalt and road construction. Part of their portfolio includes the manufacturing and paving of hot mix asphalt, the production of high-quality cold mix asphalt, laying of surface and slurry seals, crack sealing, deep and shallow milling, insitu-stabilising and hydro surface treatment.

Shisalanga Construction

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About Wendy De Wet

I joined Leads 2 Business as an Account Executive in July 2011 and was part of the dynamic sales team in JHB for 2 years. I relocated to the beautiful city of Durban in 2013 and absolutely love KZN. I am very proud to be part of the L2B family and Legacy!

Featured Company: Nyondo Holdings (Pty) Ltd

 

Read about who’s who in the Industry:

This week we are featuring Nyondo Holdings (Pty) Ltd, based in Bryanston, Gauteng with accreditations from the NHBRC and CIDB. They specialise in building new residential homes and also offer project management services on residential property projects. Nyondo Holdings (Pty) Ltd take great pride in the provision of unrivalled services at reasonable rates charged based on value creation whilst paying attention to detail on projects to meet clients’ expectations on every project.

Nyondo Holdings

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About Christine Brooks

My journey started in 2015 with Leads 2 Business, as an Account Executive, and gradually grown to take the role of being the Client Liaison Officer (CLO) since 2018. Assisting in the delivery of our services and insuring our clients expectations and requirements are exceeded.

Infographic: Construction Health and Safety

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About Sasha Anderson

Millennial Mom + wife living the hash-tag life. Remember: If You Fail - Fail Forward

Featured Company: AfriSam (Pty) Ltd

 

Read about who’s who in the Industry: AfriSam Pty (Ltd) is a leading supplier of superior quality construction materials and technical solutions such as cement, aggregate and Readymix concrete. Since establishing its first cement plant in 1934, the company has grown into a formidable group with operations in South Africa, Lesotho and Eswatini. AfriSam, stems from the word ‘Afri’, which refers to our proud African heritage and ‘Sam’ comes from the word samente or disamente, which means cement in six of South Africa’s official languages.

Afrisam

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About Candice Erasmus

I have been working at Leads 2 Business for 10 years of which 8 have been as the Sales Manager. I enjoy every aspect of my job and strive to hold the L2B flag high in all I do.

Infographic: Women in Construction 2022

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Women are gaining traction in the construction industry, even though it is often viewed as a male-dominated field. 13% of all construction companies worldwide are owned by women; 9% make more than $500,000 annually.

Did you know almost half of South Africa’s construction companies are owned by women? Some of the Top Women-Owned Construction companies in SA even use Leads 2 Business namely Temi Construction & Motheo Construction Group.

This infographic includes some of the highlights from Levelset’s 2022 Women in Construction Report.

Sources:
BusinessWire
HouseGrail

 


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About Sasha Anderson

Millennial Mom + wife living the hash-tag life. Remember: If You Fail - Fail Forward

Featured Company: Andrew Griffin Photographer

 

Read about who’s who in the Industry:

This week we are featuring Andrew Griffin Photographer, based in Pietermaritzburg, KwaZulu-Natal. With over 20 years of professional photographic experience, Andrew Griffin has serviced the construction industry in KwaZulu-Natal by Documenting projects from inception to completion. Services include still photography, time-lapse, Aerial and Video. Whether he’s documenting CSR initiatives, colossal construction projects from start to finish or individuals in the healthcare, education and sustainability sectors, his images are testament to the spirit of people and their achievements. He has worked with clients such as the Development Bank of Southern Africa and Ndalo Media, forever keeping the client’s needs front of mind.

Andrew Griffin Photography

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Featured Company: MoeQuin Industries (Pty) Ltd

 

Read about who’s who in the Industry:

This week we are featuring MoeQuin Industries (Pty) Ltd, based in Johannesburg, Gauteng. MoeQuin Industries Pty Ltd is a South African Credit Guarantees Company that provides exceptional service in the field of Construction performance guarantees their products are designed to assist construction businesses obtain guarantees in a simple and affordable manner. MoeQuin Industries Pty Ltd was established in early 2020 and began operation in early 2021 with the vision to become the number one construction guarantees company in South Africa.

Moequin

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About Shanna Knezovich

I started my journey with Leads 2 Business in 2013 as an Account Co-Ordinator. I transitioned into an External Sales position as an Account Executive in 2015. I help professionals within the building & construction industry keep up to date with the latest project and tender information as well as source new business opportunities throughout Africa.

The Role of the CIDB in the Construction Industry

Whether you work within the construction industry or not, at some point in time you may have heard of the term CIDB.

If you are an existing subscriber of Leads 2 Business you may have also seen the CIDB tab on our website. The function of this tab is to enable our subscribers to find the perfect leads, relevant to their business quickly and efficiently. This functionality also allows our subscribers to cut their lead time when sourcing new opportunities.

However that still does not answer, what CIDB is and its role, and this is what I aim to do in this blog,

The Construction Industry Development Board is a national regulating framework database, where contractors and construction projects are graded according to financial capacity, for there to be a systematic way to regulate and monitor performance in the industry. The intention of the establishment of the CIDB was to create a fair and enabling environment for growth and development in the Construction Industry of the country. 

How does the grading actually work?

There are various grading levels between two to nine and different classes of work, so for someone to qualify for grade 2, it means that their company needs to have completed at least one single large construction project between the values of R 150 000 to R650 000 within the immediate past 5 years. Projects completed more than 5 years ago do not qualify and as such, are not considered by the CIDB. In order to qualify for a higher grading, it means the project values a company deals with should also increase to meet the next value criteria.

The Impact of the Register of Contractors on its stakeholders:

• Helps contractors to make better decisions when tendering, and clients to make informed decisions when awarding contracts;

• Increases the rate of project success and thereby helps contractors to build their own track record;

• Creates a sustainable tendering and business environment for contractors; and

• Helps to level the playing field for contractors.

Where to register?

For grade 1 register online via the CIDB website portal www.cidb.org.za. It takes 48 working hours to process an application and activate a Grade 1 on the system.

For Grade 2 to 9 you can visit your nearest CIDB provincial Office to apply for registration. Grade 2 to 9 applications must be accompanied by the relevant supporting documents. The maximum period for processing Grade 2 – 9 applications is 21 working days.


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About Sonet van Wygaard

I started working at Leads 2 Business in 2014. I was part of the Tenders Africa team and have now recently moved to Private Projects. I love every second of it!

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