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Efficiency Gains in the Real Estate Market through the Application of Blockchain Technology

Author

Listed:
  • Martin Schnauss
  • Emanuelle Giannotta

Abstract

The real estate market is undergoing a “major evolution and transformation” (Karamitsos et al. 2018, p.177). In only a few studies, however, the application of a complexity theoretical perspective has been investigated. Here we view the real estate market as a complex adaptive system. Complexity theory provides a framework that has the potential to bridge the gap between traditional “pure” science, which makes clear assumptions that are not necessarily based on reality, and the “applied” sciences, which focus on practical value (Thurner at al 2018). The blockchain reflects the core attributes of complex adaptive systems and thus appears to be a “natural fit” for complex adaptive systems applications (Zavolokina et al. 2018). Furthermore, given its size, the real estate market is relevant to everyday human life. These are all indicators that the interconnections among of complexity theory, blockchain, and the real estate market is worth investigating. Blockchain technology is expected, for example, to create opportunities to outsource services currently provided by incumbent middlemen in the market thereby increasing market efficiency.

Suggested Citation

  • Martin Schnauss & Emanuelle Giannotta, 2021. "Efficiency Gains in the Real Estate Market through the Application of Blockchain Technology," ERES eres2021_121, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2021_121
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2021-121
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    More about this item

    Keywords

    blockchain; Complex adaptive systems; New Technology; Real Estate Market;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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