Blockchain evolution: adoption, knowledge and barriers of blockchain technology in the Finnish real estate industry
Ellen Lindholm · Aaltodoc (Aalto University) · 2021
Blockchain technology, originated from the invention of crypto currency Bitcoin, is described to have disruptive impact on all industries. Blockchain technology is in its early stage of maturity. Yet, already various use cases beyond crypto currencies have evolved. Real estate industry is considered to be slow and traditional in deploying new technologies. The evolvement and impact of blockchain as a disruptive technology and how it is shown in the real estate industry is yet rather an unexplored field. The main focus of the thesis is in adoption, knowledge and barriers of blockchain technology in the Finnish real estate sector. The aim of the study is to recognise the state of blockchain adoption and knowledge in the Finnish real estate sector and to identify barriers related to blockchain adoption. The study is based on literature review, theoretical background and empirical research. The literature review was conducted by reading scientific literature on innovation adoption theory and evolution of disruptive technologies. Additionally, literature review covers evolution of blockchain technology and the possible impact of blockchain in the real estate industry. The empirical research was carried out as an online survey targeted to the actors of the Finnish real estate sector. The survey questions were based on the findings of the literature review and innovation adoption theory. Main findings of the study is that the state of blockchain technology in the Finnish real estate industry is disunited both in technology adoption and knowledge. According to the results, 16 % of the survey respondents have an active state (developing, piloting or opera- tional stage) of blockchain adoption. It was also found that there is a need for solutions enabled by blockchain technology. Furthermore, biggest obstacles in adoption of blockchain technology is lack of knowledge. Additionally, unwillingness to commit and share information were found to be a challenges to blockchain adoption.