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The Upcoming Trends of Construction and Technology – ReadWrite



The Upcoming Trends of Construction and Technology - ReadWrite

Gone are the days when construction companies used to only rely on spreadsheets, maintain folders, and perform paperwork. Technology has changed the entire outlook of the construction industry. When we talk about embedding technology in construction, we refer to multiple aspects in which we can make the work faster, efficient, and more effective.

The Upcoming Trends of Construction and Technology

Construction technology is here to assist the building process, not replace it. Since the world of technology is innovative, advancements are always being made in the construction sector, processes are being sped up — and more projects are being pushed forward productively.

Some major examples of construction technology include fleet management systems, GPS technology in equipment, blockchain technology, 3D printing, autonomous vehicles, drones, robotics and exoskeletons, wearable safety tech, site management software, electronic payment, and budget management systems, and virtual reality.

These are just some of the many examples that exist for technological advancements in this sector that are truly exceptional.

If you’re in the construction business, here are the current and future trends.

1.  Construction Site Safety

We are all aware of the fact that working in construction never comes free of danger. The process is not free of human error. However, innovations such as tech wrist bands that detect danger, such as electric currents and other hurdles beforehand, are lifesaving.

Contractors can make these accessible to all employees. Other than that, there are devices with programs that let the team supervisor know whether the protocols are being followed or not. Again, this is a great way to keep employees safe.

2.  Environment-Friendly Construction Technology

Whilst working on projects, it is hard to keep everything environment friendly and green. For this purpose, technologies exist that make the construction workflow an environment-friendly practice.

How do they do that? Well, they reduce the time, so there is less noise, waste, and other pollution. Even the fuel consumption of the machinery is reduced to a great extent. The best part is that these technologies aren’t that expensive and are accessible.

3.  3D Printing Technology

3D technology is revolutionizing the construction industry. It allows individuals to print 3D models off-site with particular specifications and also mass print things for use. This lowers labor costs and produces less waste. Not only that, the entire 3D printing process is much more accurate and faster than the traditional method.

Many constructions companies have started implementing the latest technological equipment to keep up with the growing advancements. For instance, Suleman Sons, a premium construction company, has adopted numerous digital tools to cope up with the changing trends of the industry. They now use modern architectural equipment to design state-of-the-art buildings to keep their clients happy and satisfied.

4.  Drones

Drones are widely used in the construction industry nowadays. They help break down the process and make it simpler. In addition, they act as a catalyst for conducting surveys; the high-resolution cameras can alter, zoom and capture and edit images. The best part about this particular tech feature is that places that are hard or dangerous to reach can easily be documented.

5.  Virtual Reality Technology

By virtual technology in the construction sector, we refer to appliances that create a virtual outlook of a proposed in-progress project to show the “feel” of it to the client. The client can experience walking around it and “feeling” how the end product would look like.

VR Wearables introduce the client into the virtual world and lets the contractor showcase the project right in front of their eyes. The project is in 3D.

6.  Artificial Intelligence

We all know that AI is the future. However, whilst many fear it thinking that it can potentially replace humankind, for now, that is not the truth. Instead, artificial intelligence helps make lives easier.

Robot tasks such as laying bricks to making quicker decisions with accuracy are what AI helps one accomplish in the construction business. The best part is that it can gather information, retain it, and make patterns and act accordingly.

7.  Blockchain

Blockchain technology increases functionality and visibility. All transactions, financial and otherwise and stored in the blocks in a transparent manner and can be traced back. This is very beneficial in terms of the supply chain. Furthermore, the data can be encrypted as well as protected. It will help reduce costs and guard data with the help of elements such as electronic verification.

8.  Smart Buildings

Contractors design smart buildings specifically to the client’s needs and wants. They are connected to IoT, which allows the convenient transfer of information. In a smart building, the user experience is enhanced ten-fold. They are definitely the future of construction. On average, building automation costs $3 to $8 per square foot.

Nevertheless, this price truly justifies the benefits. Automation enhances performance and reduces waste. This benefits both employees as well as owners. Therefore, you should definitely consider it in the upcoming years. Make sure to get quotations from different companies. You might be able to get a good deal from a local contractor.

Final Words

Technological advancements will continue to evolve in construction. These advancements will only give you a competitive edge but also a strong foothold in the industry.

Construction businesses will have to adapt to the technological lifestyle to stay in the market. This might sound like a difficult transition for many companies, but they will be left behind without adapting to the futuristic aspects that the merger of tech and construction holds. Remember, this is just the beginning.

Within a time span of a decade, estimates show that most of the construction process will have become digital. Now is the perfect time to dive into this field. So, invest in the latest technology and start optimizing your business.

Farhan Suleman

Having completed his studies in Marketing and Media, Farhan Suleman has ample experience in the field of content marketing. He regularly writes blogs pertaining to the ongoing trends and never fails to inspire his readers with an interesting read. Apart from writing, he is an enthusiastic chess player with a rating of more than 1800 Elo.


Fintech Kennek raises $12.5M seed round to digitize lending



Google eyed for $2 billion Anthropic deal after major Amazon play

London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs



Deanna Ritchie

As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations



Deanna Ritchie

As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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