A Systematic Literature Review on Blockchain for Real Estate Transactions: Benefits, Challenges, Enablers, and Inhibitors

Abstract

This paper provides a systematic literature review of using blockchain applications for real estate transactions. For this purpose, we analyse the main benefits, challenges that need to be tackled, enablers and inhibitors to the adoption of technology. Due to its perceived features, Blockchain can increase transparency and security, offering trust to the market, reducing the number of intermediaries and, consequently, decreasing transaction costs and time spent. Nevertheless, several challenges need to be overcome for the market to feel secure in adopting the Blockchain technology, especially the ones related to legal enforcement. This paper broadly discusses the benefits and challenges, enablers, and inhibitors raised in peer-reviewed articles published so far. We found that there is a fair possibility of reducing intermediaries and thus decreasing fraud, time spent and costs. Still, this possibility needs to be carefully analysed, and further research must be done to understand which intermediaries can be removed without compromising transactions’ security.