Blockchain-Driven Payment
Transparency in Supply Chain
Construction projects often encounter delays and cost overruns due to inefficiencies in payment tracking, lack of accountability, and disputes over milestone achievements. RESTATX’s blockchain-enabled system ensures transparent and automated payment processes that build trust among stakeholders.
Solution with RESTATX
Field Reporting IntegratiMilestone Based Payment Trackingon
Verification and Approval Automation
Real-Time Payment Status Dashboard
Dispute Resolution Support
Field Reporting IntegratiMilestone Based Payment Trackingon
- RESTATX uses blockchain smart contracts to link payments directly to verified construction milestones.
- Each payment transaction is immutably recorded on the blockchain, ensuring accountability and reducing disputes.
Verification and Approval Automation
- AI processes data from IoT devices, site reports, and uploaded documents to verify milestone completion (e.g., foundation laid, framing completed).
- Verified milestones automatically trigger payment releases via smart contracts, reducing manual intervention.
Real-Time Payment Status Dashboard
- Borrowers, lenders, and contractors can view real-time payment statuses, including pending, approved, or completed transactions.
- The dashboard also displays associated milestones and supporting documentation for full transparency.
Dispute Resolution Support
- Immutable blockchain records provide a verifiable history of all payments and their linked milestones, streamlining the resolution of disputes between contractors and developers.
- A contractor uploads proof of milestone completion (e.g., geo-tagged images or IoT data).
- RESTATX AI validates the proof against predefined criteria, confirming completion.
- A smart contract automatically initiates payment from the lender to the contractor.
- RESTATX updates all stakeholders via a shared dashboard, ensuring transparency and accountability.
- Enhanced Trust: Blockchain ensures tamper-proof payment records, fostering trust among borrowers, contractors, and lenders.
- Reduced Disputes: Immutable records minimize disagreements over payments and milestone statuses.
- Efficiency Gains: Automated verifications and payments eliminate bottlenecks and reduce administrative overhead.
- Transparency Across Stakeholders: All parties have real-time access to payment and milestone data, reducing miscommunication and delays.
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Get Contact
Phone: +65 9239 7286
E-mail: info@restatx.com
Location: Changi Business Park Central 2, Singapore 486066