Blockchain and Smart technologies in asset, property, and facility management

This study examined the benefits and challenges offered by the uptake of ‘smart’ building technologies, such as blockchain and artificial intelligence (AI), on asset, property, and facilities management activities in commercial buildings in Australia. Property has been one of the slower and more resistant industries to integrate smart technologies: however, technological disruption is now having a significant impact on the built environment. This is particularly evidenced by the growth in popularity of smart buildings, with global corporations now striving to be located in such flagship buildings. Existing technologies, such as Building Management Systems (BMS), continue to be important and can be expanded to allow for further data to be collected and building efficiencies to be enhanced. The advancement of Building Information Modelling (BIM) that stores building drawings in 3D and operating information at the construction stage, can be run in conjunction with established BMS to provide a more efficient picture of the building infrastructure and operation. Software packages such as Aconex, which can collect and store the drawings and communications in the construction stage, can also be used for the management of communications relating to the ongoing operation of the building. With a combination of these technologies, the building information and lifecycle costings will allow property and facility management to be accurately recorded and a long-term asset management plan to be developed. Investment in data collection and storage has become an important component of efficient property asset and facility management. Effective data capture allows for better management and therefore a more informed decision-making process. Operating costs can be reduced by being able to accurately predict the requirements for cleaning and maintenance, which are major components of any building operating budget. Data collection is not constrained to predictions for operating expenses – it can also be used to increase income generation. This can be achieved through more accurate targeting of advertising sales, maximising car parking rental, along with optimising the tenancy mix. It is important for the raw data to be collected in a format appropriate for mining and stored with minimal loss. Data can also be used to enhance a tenant’s business and turnover, where information is collected to understand customer purchasing behaviour. Data capture is a highly valuable asset in its own right and should be controlled by building owners to allow for mining and subsequently, more informed decision-making