The team behind Builderium took a great challenge when they decided to solve many of the problems plaguing the construction business. As you can probably imagine this is no small task since embarking on a construction project is a literal nightmare wherever you are a developer or a homeowner.
The Challenges of a Construction Project
Even after setting terms on writing a customer has to deal with ongoing issues regarding a long list of issues that will come along as the project begins. The first one is the lack of knowledge about the best contractors (even the ones near their own zones), the ever-changing costs of materials, lack of trust about competence and overall performance of a contractor and many more.
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All these problems have made the construction industry ripe for disruption, the model needs to be changed urgently, and team Builderium is more than ready to do so by introducing the latest technological advances into a playfield that has remained unaffected by it for quite some time now. And what’s their secret weapon? A little tool called “Reverse Auction.” Let’s take a look at it:
Redefining the Auction Process
In the construction business, the conventional structure of business involves the use of actions where a number of sellers bring down the cost of their services until a buyer comes along and agrees to their terms. The problem with this method is that more than often they are a well-intended trap since is almost customary for the final costs of a project to go up nearly 180% of the initial quote offered to complete the job.
Using a reverse auction turns the tables on this model since the developers or the potential clients will be the ones posting the construction projects and it will be the professionals biding to get them. In the Builderium ecosystem, a client looking to renovate their household will post the details of the job required as well as their budget. Additional details can be added such as the number of professionals he’s willing to engage, or the qualifications needed for the job.
Placing a Bid Using a Token
The professionals registered on the platform will be able to bid on the job if the conditions are deemed acceptable for it. There is room for interaction with the potential client if he’s displaying unrealistic expectations about the job. This is a chance for them to show their levels of professionalism and to make the client understand the pros and cons of the type of work they are seeking out.
The only way developers can engage in a bid is by using the tokenized utility of the platform. Nicknamed BUILD which will be used by both parties to create binding smart contracts that have to be fulfilled based on a specific timetable and will be registered on the Blockchain logs of the company to add to the reputation of the contractor or company that accepted the project.
This strategy is specifically tailored to offer the best value for the money of the client and to have developers and contractors work with sincere offerings and real budget settings. The final payment for the work will also be handled using the platform and the digital token to secure the transaction using the customized features of the Builderium Blockchain. If you wish to learn more about this working scheme, you can visit:
ETH address: 0xb01f6d20eac75778dc7f97c33dfd653ae0abc563
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