Yesterday, blockchain firm Data Gumbo announced a partnership with PrairieDog Venture Partners to streamline capital projects using smart contracts. PrairieDog (formerly OS2) is a joint venture between Texas-based Construction Industry Institute (CII) and the Construction Users Roundtable (CURT).
Capital projects contribute about $1.3 trillion to the U.S. economy each year. However, it is lumbered with high transaction costs, partly due to friction in sharing data and contractual disagreements.
PrairieDog estimates 41% of capital project spending is wasted because of non-value-added transaction costs. Meanwhile, 98% of megaprojects have cost overruns and are completed later than expected.
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