College of Engineering Unit:
Our primary objective is to eliminate delays and minimize cost overruns in the development of infrastructure projects by utilizing blockchain-based smart contracts to streamline the management of funding and ownership of these assets. By harnessing the power of blockchain technology, we aim to significantly enhance the transparency and accountability of transactions, thereby fostering trust among all stakeholders, including investors, developers, and end-users.
To achieve this, we are developing a cutting-edge prototype of an Ethereum-based token that enables the creation of smart contracts to automate various operations associated with infrastructure projects. These asset-tokens will serve as digital representations of ownership stakes in infrastructure projects, and they will be tied to the revenue generated by the projects, such as tolls collected from commuters.
One practical application of our innovative solution would be the allocation of ownership interests in a bridge project, wherein the value of the asset-tokens would be directly correlated with the toll revenues generated by the bridge. This approach allows investors to actively participate in the growth of the infrastructure projects they have funded while ensuring a seamless, automated distribution of revenue through the use of smart contracts.
In conclusion, our blockchain-based smart contracts platform has the potential to revolutionize the infrastructure development landscape by minimizing delays, reducing cost overruns, and improving overall transparency. This innovative approach will not only attract more investors to the sector but also contribute to the growth of sustainable, efficient infrastructure that benefits society as a whole.
The deliverables involve creating a prototype ethereum-based token for which smart-contracts can be created to automate operations. An example would be dividing ownership of a bridge using these asset-tokens and tying its value to the toll collected from commuters.