A Study on the Key Factors of Building a Blockchain-Based Real Estate Transaction Information Platform

Abstract

Blockchain is a technology that can achieve innovation in the real estate field and ensure transparency, reliability, security, convenience, and efficiency of real estate transaction platforms. However, countries such as the UK and Sweden and blockchain-based real estate transaction platforms including Ubiquity, QuantmRE, Meridio, ATLANT, and Propy are still in the pilot test stage. It is time to revitalize researches because the developments of the pilot project in Jeju Island in 2019 and blockchain-based real estate transaction platforms since 2020 were suspended. This study aimed to understand key factors to construct blockchain-based real estate transaction platforms in consideration of domestic conditions and contribute to enhancing feasibility and efficiency of their realization and implementation. Therefore, a research model expanding the unified theory of acceptance and use of technology (UTAUT), which was used to figure out key factors for new technologies. Then the SPSS was used for multiple regression analysis of the platforms to identify some factors such as 'performance expectation' and 'social impact' which could have a positive effect on accepting blockchain in real estate transaction platforms. In other words, in order to revitalize blockchain-based real estate transaction platforms, it is necessary to make an accurate understanding and an innovative development of blockchain. This study advocated enhancement of awareness for convenience and reliability through the introduction of blockchain. For the purpose, this study explained solutions including promotion, discovery of successful cases, innovative minds of decision-makers and managers, and sufficient human resources.