Multisig Smart Contract as a Service for construction. A revolutionary approach to enhancing transparency, and accountability in the construction industry.
The construction industry currently faces challenges, particularly in the areas of claim submission and ownership of work. Our project aims to build a platform where contractors truly own the work reports they’ve submitted and the tasks they’ve delivered. Consider a world where every claim submitted is securely tracked, with clear ownership and minimal disputes.
Our platform introduces a system where client must deposit a specified amount as collateral before engaging contractors. Upon task completion, contractors submit their claims which are recorded using smart contract.
We use Sign Protocol to establish our attestation schema and the hook feature to trigger our custom smart contract.
The hook contract is implemented to require a predefined threshold of validator signatures. Once the required number of approvals is reached, the contract executes the payout in USDC to the contractor. This mitigates the risk of disputes and advocates trust amongst players since multiple validators contribute to the approval process.
To enhance ownership, an NFT will be minted for each completed task. It maps the contractor's identity to the specific task performed, encapsulating essential metadata such as completion timestamps and detailed task descriptions. The NFT will also be a verifiable proof of work for the tender submission.