The Role of Blockchain Technology Application in Real Estate Market in Malaysia

Abstract

Blockchain is a cutting-edge distributed ledger technology that allows trading online without a centralised authority. Blockchain is the most likely technology to be used in the upcoming technological transformation affecting the industry. Numerous sectors, such as the real estate industry, require new technology to increase market efficiency, safety, and transparency, as transaction amounts can be substantial. This study employs a quantitative research method to investigate the role of blockchain technology in the Malaysian real estate market, focusing on the relationship between the independent variable of blockchain technology adoption in the real estate market. The Unified Theory of Acceptance and Use of Technology (UTAUT) framework guided the study. An exhaustive literature review has been conducted to address the research questions and objectives outlined in the thesis. Additionally, a survey questionnaire was developed to gather information from the target segment of real estate negotiators, and data analysis was conducted using SPSS version 26.0. The survey questionnaire had collected 281 respondents using a non-probability sampling method from real estate negotiators in Malaysia. A pilot test was conducted to evaluate the research model and determine Cronbach's Alpha values above the recommended threshold of 0.60, indicating excellent reliability of the constructs. One study finding is that real estate negotiators will likely use blockchain technology to alter the market. Fundamentally, it is for this reason that additional study on the topic and technological advancements are necessary for a successful application in the Malaysian real estate market.