Dr Maximilian Sinan Korkmaz is a civil engineer who has been working in the construction industry for 16 years. He founded Stabilwerk Bau, a construction company based in Frankfurt, Germany. Stabilwerk Bau now accepts his BSV blockchain-based credit tokens as payment for its services. On this episode of CoinGeek Conversations, Dr Korkmaz discusses some of the obstacles experienced in the construction industry today and how blockchain can offer solutions.
Dr Korkmaz first caught wind of Bitcoin while studying for his PhD in 2010 but it wasn’t until 2017 that he took a liking to it, specifically the Bitcoin SV blockchain. “I chose Bitcoin SV because the promises were all about industries and applications and businesses so I thought it was the right one for me.”
As he tells Charles Miller in this week’s podcast, there is a lack of digitization in the construction industry. He notes that issues often arise from communication problems between participants involved in a construction project. To address those concerns, Dr Korkmaz found a solution in blockchain. “I thought I might be able to make these processes more efficient using blockchain,” he notes.
Furthermore, Dr Korkmaz says Stabilwerk Bau is the first construction company in the world to accept credit tokens as payment for services. As he explains, Stabilwerk Credits, which run on the BSV blockchain, offer his clients the chance to pay the company in fiat in exchange for credit tokens. The incentive for those who choose this payment option is to receive a ten per cent reduction in cost. In addition, Dr Korkmaz, says Stabilwerk Bau plans to “tokenize the entire relationship among the actors of construction projects,” to provide for a smoother, swifter and more efficient communication process.
Also in the pipeline is the P2P software company he has founded, to offer blockchain solutions to the construction industry and others. Dr Korkmaz plans to produce an app that will connect clients to general contractors and general contractors to subcontractors within an area. The app, which will work exclusively with Bitcoin SV, will be made available to users worldwide.