Excerpt from BisNow Magazine
The Builder Validation application uses blockchain technology for a process called "tokenized validation," which basically enhances the pairing of general contractors in search of qualified subcontractors that meet the bill.
Subcontractors sign up and provide all of the paperwork necessary, which is validated by an outside third party. They are then granted "validation tokens" that they have met the requirements for the token.
Tokens could include certifications for specific types of work or being a minority-owned business.
Then, only member subcontractors with the proper tokens for a job can submit proposals for those projects. It speeds the process because the general contractor can trust the tokens and doesn't have to do its own verification and the subcontractor only has to submit its documentation once, not for every company with which it places a bid.
As Bowden puts it, the approach is to "verify once and use many times."
What is unique about these Validation Properties are that they are defined declaratively for each validation scenario. So any validation scenario can be created on the fly without the need to involve programmers.
Non-Fungible Tokens is bringing a new level of efficiency and trust to cross-organizational processes