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Blockchain technology in commercial real estate transactions

Journal of property investment & finance, 2019-09, Vol.37 (6), p.570-579 [Peer Reviewed Journal]

Hugo Pieter Wouda and Raymond Opdenakker ;Hugo Pieter Wouda and Raymond Opdenakker. This work is published under https://creativecommons.org/licenses/by-nc/3.0/legalcode (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1463-578X ;EISSN: 1470-2002 ;DOI: 10.1108/JPIF-06-2019-0085

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  • Title:
    Blockchain technology in commercial real estate transactions
  • Author: Wouda, Hugo Pieter ; Opdenakker, Raymond
  • Subjects: Advisors ; Blockchain ; Commercial real estate ; Digital currencies ; Due diligence ; Infrastructure ; Interviews ; Peer to peer computing ; Private equity ; Regulation ; REITs ; Trust
  • Is Part Of: Journal of property investment & finance, 2019-09, Vol.37 (6), p.570-579
  • Description: Purpose The transaction process of an office building is known to be time consuming and inefficient, in part due to the lack of market transparency. The purpose of this paper is to focus on the development of a blockchain application that can improve the transaction process of office buildings in the Netherlands. Design/methodology/approach Conducting design science research, the current transaction process of an office building and status quo of blockchain technology in real estate is investigated. Subsequently, multiple parties are interviewed to define major pain points within the process. The interview findings are used to design a blockchain solution which overcomes the aforementioned pain points. After designing, the interviewees are asked again to pragmatically validate the proposed model. Findings One of the major pain points identified concerning the transaction process of an office building is that it is difficult to define the characteristics of a property, due to lack of data structure and quality. The proposed application improves the way specific assets are understood by structuring physical and contractual information in one place and guarantees the quality of the data by using the blockchain mechanisms. Practical implications A blockchain application is proposed, which can improve the transaction process of an office building. Originality/value Recent studies indicate that blockchain technology could lead to improvements in efficiency, transparency and therefore trust within the transaction process. Therefore, the proposed application is of value for the future of real estate data management and the transaction process.
  • Publisher: Bradford: Emerald Publishing Limited
  • Language: English
  • Identifier: ISSN: 1463-578X
    EISSN: 1470-2002
    DOI: 10.1108/JPIF-06-2019-0085
  • Source: AUTh Library subscriptions: ProQuest Central
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