Big Four bookkeeping house KPMG has partnered with Australian property developers Mirvac to develop a blockchain-based platform to track the provenance of buildings.

The platform was commissioned past the New South Wales state authorities.

Taking inspiration from supply chain initiatives to track beef products using blockchain, the platform will allow property insurers, investors, and owners to access verified data on the resources, subcontractors and building processes employed during a holding's construction.

A working model is slated to go alive within vi months and will be piloted on existing buildings that are undergoing rectification amid the recent flammable cladding crisis, in addition to an upcoming development from Mirvac.

The integrity and trustworthiness of Australian property structure has emerged every bit a major concern subsequently the 2017 Grenfell Belfry disaster in the Great britain prompted a national investigation into the safety of materials used in Australian buildings during 2019.

The subsequent study estimated that information technology would toll roughly $4.ii billion to fix thousands of homes that are fitted with dangerously flammable cladding. As of February 2021, it was estimated that just 11 of the more than 3,400 afflicted buildings had been stock-still.

William Payne, Mirvac's chief digital officeholder, emphasized the challenge faced by consumers seeking to access certification and detailed records about the safety of the materials and processes used while building a property:

"The more than insight you have into what has gone into a edifice and agreement not just the physical materials but also who has been involved in installing them and so on, the more confidence that all parties will have in the quality of the building."

Related: Senator warns lack of regulations could harm Australian crypto innovation

Australia has recently emerged every bit a leader for blockchain provenance projects, with the federal government announcing ii grants of $3 1000000 each to blockchain teams targeting minerals certification and excise revenue enhancement solutions.

At the start of 2020, the government also unveiled its five-yr National Blockchain Roadmap, citing supply chain tracking for agriculture and wine exports alongside certifying educational qualifications and identity verification for the finance manufacture every bit the three near promising use cases for DLT.