Examining the Acceptance of Blockchain in Real Estate Industry

The real estate industry in Indonesia is known as one of the sectors with high costs and complex transaction processes for both buyers and sellers. Several factors contributing to the high costs in this industry include the continuously rising prices of land and properties, the significant fees for permits and licenses, as well as real estate agent commissions that can reach 3-5% of the transaction value (Utomo & Ananda, 2020). Furthermore, real estate transactions tend to be time-consuming, ranging from property search, negotiations, data verification, to contract signing. This is due to the conventional and poorly integrated property ownership administration system (Wijaya & Suryono, 2021)

To address these challenges, blockchain technology holds promising potential for the real estate industry in Indonesia. Blockchain can help simplify transaction processes, reduce costs, and enhance transparency (Lianto, et al., 2019). With blockchain, property ownership data, transaction histories, and related documents can be securely and verifiably stored. The buying and selling process can also be accelerated and streamlined through smart contracts built on the blockchain platform (Ardiyanto & Kurniawan, 2021)