The Social Good Of Crypto

In the 21st Century, it’s not unusual for companies to declare their interest in the greater social good. Google was founded under the motto “Don’t be Evil,” while Apple annually releases a report on its suppliers’ environmental and social responsibility. Consumers and investors alike want to support companies who try to improve the world while they make their profit. The demand for corporate responsibility needs to be addressed by any company hoping to succeed in the future, and that includes participants in the cryptocurrency market and the construction industry.

The cryptocurrency market was recently valued at $370 billion according to CNBC, while Timetric’s Construction Intelligence Center estimates that the global construction industry will be worth $10.3 trillion by 2020. Can both industries be harnessed to contribute to the greater good? The BuildCoin Foundation believes the answer is yes.

The Problem

Construction projects require both large initial cash investments and ongoing cash exchange between companies, contractors, employees, banks, and other parties to ensure that supplies can be bought and workers’ salaries can be paid. This system results in inefficiency and lack of transparency, driving up construction costs both at home and abroad. The construction industry is a particularly fragmented one — the CCIM Institute estimates that 92% of U.S. construction workers are employed by a company with 20 or fewer employees — and this fragmentation results in cash-related delays while companies manage an opaque, slow, and expensive transaction processes.

The average construction outfit may be unable to pay for materials for one project until another project’s client pays an invoice, dragging out delays and increasing costs, or have to utilize high interest arrangements to circumvent cash flow issues. A 2009 paper in the Journal of Retail and Leisure Property identified cash flow management problems as the most significant financial cause of project delays in the Malaysian construction industry. According to the Economist, more than 90% of the world’s infrastructure projects are delayed or over-budget.

How Can BUILDCoin Make the World Better?

BUILDCoin is a cryptocurrency specifically designed for the construction industry, based on highly secure Ethereum blockchain technology. Rather than waiting for lengthy cash transfers to or from banks, clients, suppliers, or employees, construction professionals can instantly send or receive payment in BuildCoin using the BUILD1X Mobile App, where purchases and contracts can be managed in real time. The refillable BUILD1X Debit Card can also be used by BUILD1X members to instantly complete transactions wherever Visa or Mastercard is accepted.

BUILDCoin also utilizes a centralized contract system based off of the Ethereum blockchain contained in each token. This system connects legally binding contracts to BUILDCoin exchanges, ensuring transparency in the payments sent through BUILDCoin. Increased contract transparency increases productivity by minimizing time delays and monetary losses caused by corruption and arbitration.

The construction industry is uniquely positioned to do social good, because construction projects can improve quality of life immeasurably. The BuildCoin Foundation plans to support projects in five key areas: Affordable and Clean Energy, Clean Water and Sanitation, Sustainable Cities and Communities, Reliable Transportation Systems, and Accessible Information and Communication Technology. Construction projects centered around these goals — such as affordable housing complexes, wind farms, or water sanitation plants — contribute long term benefits to their communities. The BuildCoin foundation, supported by the BUILDCoin cryptocurrency, will use BUILDCoin to fund feasibility studies for sustainable development projects.

By paying in BUILDCoin, the foundation uses cryptocurrency to reduce inefficiencies and cash flow problems in the construction world, reducing overall costs and rendering community-developing construction more affordable. BUILDCoin’s efficiency and transparency are already apparent in the B1x fund, a construction loan system that provides 0% interest rate BUILDCoin loans for homeowner and builders seeking to finance a project. Furthermore, increased construction efficiency means that more jobs are available for construction workers, a labor sector that will prove incredibly important to the economy in the future: the U.S. Bureau of Labor Statistics estimates that the construction sector will have the second-highest job growth rate in the U.S. between 2014 and 2024.

Final Thoughts

BuildCoin can currently be purchased in a promising ICO. When consumers or construction professionals use BuildCoin, they’re not just making a smart business choice: they’re helping the BuildCoin Foundation make the world a better place. The efficacy of cryptocurrency in financing social improvement has already been proven several times over. The nonprofit foundation BitGive has used bitcoin donations to aid charities providing clean water, disaster relief, and other vital services in seven different continents. BUILDCoin combines the best of both worlds: the efficiency and lowered costs of the cryptocurrency market with the massive global economic backing of the construction industry. And the BUILDCoin Foundation is devoted to using BUILDCoin to make the world a better place — one project at a time.

How could a BUILDCoin Foundation feasibility study help your community?

Disclosure:

The author has had a working or personal relationship with one or more companies mentioned in this article in the past. Access to mentioned company’s management and information was made through the author’s personal network. All information was vetted prior to posting.

Disclaimer:

This essay is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only.

The Social Good Of Crypto was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.