Servgard, a blockchain-based technology provider for construction and facilities management industries, has announced that its smart contracts platform is ready to go into beta with selected partners.
“Talks with industry and government bodies have been overwhelmingly positive, and the development process has reached a point where we are excited to launch the Servgard platform,” Servgard’s co-founder and CEO W. Luke Spiller said.
In solving the current issues plaguing the construction industry, Servgard acts as a complete ecosystem for owners, regulators and contractors to verify outcomes and manage payments in a decentralised and transparent way.
This is made possible through blockchain technology that utilises the Servgard token (SVG) for greater probity, timeliness and cost-saving.
Servgard’s ecosystem is a suite of apps for phones and desktops, which use smart contracts for automatic verification of compliance and milestones. These payments are facilitated through the use of the SVG in escrow wallets.
But payments are not the only type of “smart contract” enabled by the system, which can be set up to verify a broad range of project steps and outcomes along the entire life cycle.
“The transparency of having contracts on the blockchain results in better outcomes for everyone,” CEO Spiller said.
“Regulators are enthusiastic about the potential, and as someone with a background in the trades, I’m keen that the Servgard system results in fair and timely payments and fewer disputes.”
Servgard was founded in Brisbane in 2020 by W. Luke Spiller, an infrastructure project management veteran and lecturer at James Cook University. The company’s mission is to bring transparency and cost savings to the construction industry worldwide through the use of smart blockchain technology.
This article was first published on Public Spectrum