PAYMENT disputes are a common source of construction industry conflict. Disputes can have a ripple impact — increasing costs, delaying completion and reducing profits. Etch solves this problem with "smart contract" blockchain technology and IoT beacons. Etch provides a payment infrastructure that we believe will increase construction industry ef- ficiency, reduce conflicts and increase profits for participants. We begin with a brief discussion of the construction payment process. We then describe how Etch facilitates real-time employee payments based on presence at a job-site. We next describe an industry specific "stable coin" tied to escrowed fiat currency, which allows for real-time payments but minimizes crypto-currency exchange risk. We conclude with a discussion of future plans for performance based construction contract payments.
Etch is a shared financial ledger for the construction industry. By putting Etch transactions on the Ethereum blockchain, an immutable ledger of monetary flow is generated. Unlike the current model of payment which is opaque and difficult to understand, Etch transactions can be easily audited.
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$5 900 000
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