POTENTIAL OPPORTUNITIES OF BLOCKCHAIN TECHNOLOGY IN STREAMLINING THE MALAYSIAN COMMERCIAL OFFICE BUILDING OPERATION MANAGEMENT PROCESS
DOI:
https://doi.org/10.21837/pm.v21i27.1300Keywords:
Blockchain technology, commercial office building, operation management process, digitalizationAbstract
Managing commercial real estate is extremely complex and cumbersome and involves many stakeholders who provide access to and modify a variety of information. This led to some common issues with traditional commercial real estate management such as lack of transparency, third-party interference, the complexity of the agreements, record keeping and security, and absence of real-time data. Accordingly, blockchain technology is anticipated to address the issues of data openness, trustworthiness, and correctness in the global real estate market. This research aims to discover the potential opportunities that blockchain could offer in streamlining the commercial office building operation management process. A conceptual framework of blockchain-based technology adoption in the current Malaysian commercial office building operation management process was developed based on the literature review and focus group discussion (FGD). The framework was underpinned by four core operation management that emerge from the research findings including financial, administrative, technical, and promotional management.
Downloads
References
Academy of Sciences Malaysia (2020). 10-10 Malaysian Science, Technology, Innovation and Economy (MySTIE) Framework. Trailblazing the Way for Prosperity, Societal Well-Being & Global Competitiveness. MOSTI.
Akash. T. (2019). Blockchain Real Estate Process to Revolutionize Leasing Property. Retrieved on 25 May 2021 at https://www.leewayhertz.com/blockchain-real-estateprocess.
Bansal, L. (2019). Roadmaps And Recommendations for Property Management Using Blockchain. Retrieved at https://www.c-sharpcorner.com/article/roadmaps-andrecommendations-for-property-management/
Barrington, T. (2016). Will Blockchain Smart Contracts Revolutionize Real Estate Transactions. Retrieved from cre.tech: https://cre.tech/will-?‐blockchain-?‐smart-?contracts-?‐revolutionize-?‐real-?‐ estate-?‐transactions/
Bhatia, S., & Wright de Hernandez, A. D. (2019). Blockchain Is Already Here. What Does That Mean for Records Management and Archives? Journal of Archival Organization, 16(1), 75–84. https://doi.org/10.1080/15332748.2019.1655614 DOI: https://doi.org/10.1080/15332748.2019.1655614
Corluka, D., & Lindh, U. (2017). Blockchain - A New Technology That Will Transform the Real Estate Market. Thesis.
Creswell, J. W. (2007). Qualitative enquiry & research design, choosing among five approaches. In Book: Vol. 2nd ed.
Deloitte. (2016). Blockchain: the next game changer in real estate? https://www2.deloitte.com/nl/nl/pages/real-estate/articles/blockchain-the-nextgame-changer-in-real-estate.html
Franks, P. C. (2020). Implications of blockchain distributed ledger technology for records management and information governance programs. Records Management
Journal, 30(3), 287–299. https://doi.org/10.1108/RMJ-08-2019-0047 DOI: https://doi.org/10.1108/RMJ-08-2019-0047
Grover, P., Kar, A. K., & Janssen, M. (2019). Diffusion of blockchain technology: Insights from academic literature and social media analytics. Journal of Enterprise Information Management, 32(5), 735–757. DOI: https://doi.org/10.1108/JEIM-06-2018-0132
Hoxha, V., & Sadiku, S. (2019). Study of factors influencing the decision to adopt the blockchain technology in real estate transactions in Kosovo. Property Management, 37(5), 684–700. DOI: https://doi.org/10.1108/PM-01-2019-0002
Karamitos, I., Papadaki, M, Al Barguthi, N. B. (2018). Design of the Blockchain Smart Contract: A Use Case for Real Estate. Journal of Information Security, 9(3), 177– 224. DOI: https://doi.org/10.4236/jis.2018.93013
Martijn, D. (2017). Blockchain: Towards Disruption in the Real Estate Sector: An exploration on the impact of blockchain technology in the real estate management process. https://repository.tudelft.nl/islandora/object/uuid%3Ab6ec7ece-e879-
ae3-8232-d8144ac2642d?collection=education
Morgan, D., Powell, R. a, & Single, H. M. (1996). Focus Groups. International Journal for Quality in Health Care, 8(5), 499–504. https://doi.org/10.1093/intqhc/8.5.499 RICS. (2017). Commercial Property Management. February. DOI: https://doi.org/10.1093/intqhc/8.5.499
RICS. (2020). Blockchain: an emerging opportunity for surveyors? In RICS insight (Issue February).
Saunders, M., Lewis, P., & Thornhill, A. (2009). Research Method for business students, Fifth Edition (Fifth Edit). Prentice Hall.
Surabhi, K., & Saurabh, M. (2017). Blockchain in commercial real estate The future is here! Deloitte Center for Financial Services, New York.
Virmani, C., Gupta, D. J., & Choudhary, T. (2018). Blockchain 2.0. In Credit Suisse (Issue January).
Wouda, H. P., & Opdenakker, R. (2019). Blockchain technology in commercial real estate transactions. Journal of Property Investment and Finance, 37(6), 570–579. DOI: https://doi.org/10.1108/JPIF-06-2019-0085
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 Unported License.
Copyright & Creative Commons Licence
eISSN: 0128-0945 © Year. The Authors. Published for Malaysia Institute of Planners. This is an open-access article under the CC BY-NC-ND license.
The authors hold the copyright without restrictions and also retain publishing rights without restrictions.
