This interview is part of our new Blockchain In Real Estate series, where we interview the world's leading thought leaders on the front lines of the intersections between blockchain and real estate.
In this interview we speak with Bassem Hamdy, CEO of Briq, to understand how his company is using blockchain to transform the real estate business, and what the future of the industry holds.
1. What’s the story behind Briq? Why and how did you begin?
Briq was founded by two long-times friends. One came from Wall Street, the other is a construction technology veteran of CMiC and Procore. Combined, Bassem from construction (CEO) and Ron (CFO) bring the power of data science from Finance and the deep knowledge of construction to build the industry’s most power data-powered AI platform for the built environment.
2. Please describe your use case and how Briq uses blockchain:
BH: Briq provides an immutable ledger for all data in a project or a company. Much of the data in construction is siloed in applications, or still exists in un-indexed PDFs. Briq’s blockchain-powered Hyperledger database allows that data to be accessed, baselined, and used in training AI and machine learning models to predict outcomes. This ultimately allows contractors to save money, reduce risk, and pursue smarter investments.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
BH: One of our early adopters at Briq was Probuild, a major builder in Australia. Probuild is currently building the third largest tower in Melbourne, and was looking for a better way to manage their complex supply chain. By using Briq’s blockchain-empowered platform, Probuild has been able to track– in real time– the movement of the materials they will be using to construct the building. And once the building is complete, the owner will have a living blockchain that details the provenance of materials used in construction.
4. What other blockchain use cases in real estate are you excited about?
BH: Our partners at AON Insurance have said that they foresee a future where a project is not insured unless it has a blockchain associated with it. If something goes wrong or if elements in a building have been recalled, a live blockchain will provide clarity into what went into the building, where it came from, and who installed it. That ledger can never be changed!
5. Where will Briq be in five years?
BH: Blockchain is just the start. The real value in Briq is what we are able to do with the data from the ledger. By applying our proprietary algorithms to these data points, we are able to garner incredible insights and predictions of outcomes.