Exploring the potential of blockchain technology in property management

Lai, Hong Jie (2025) Exploring the potential of blockchain technology in property management. Final Year Project, UTAR.

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Abstract

As Malaysia’s property management sector undergoes digital transformation under Construction 4.0, adopting blockchain technology is essential to improve transparency, security, and efficiency. Although blockchain has proven benefits globally, its adoption in property management remains unclear. Existing literature often focuses on isolated applications such as property transactions and rental management. This study addresses that gap by exploring blockchain’s potential to integrate and transform the entire property management lifecycle, while also identifying inefficiencies and adoption challenges. The literature review identified 28 inefficiencies and 24 blockchain potentials across six key aspects, which were land administration, property transactions, leasing and renting, property administration, property financialization, and property maintenance. Additionally, 21 adoption challenges were categorized into five main areas, which were legal and regulatory, cost and liquidity, security and privacy, technical limitations, and institutional challenges. A quantitative research methodology was used, and an online questionnaire was distributed among property developers in the Klang Valley, yielding 119 valid responses. Data were analysed using Cronbach's Alpha, Arithmetic Mean, Mann-Whitney U, Kruskal-Wallis, and Spearman’s Correlation tests. This study’s Arithmetic Mean results reveal maintenance inefficiencies and lack of transparency as the most pressing issues, with blockchain’s strongest potential in transparent asset tracking and predictive maintenance. The critical implementation challenges are technical limitations and security concerns, particularly interoperability and privacy protection difficulties. Mann-Whitney U test shows the public sector has greater awareness of these inefficiencies and potentials and views legal, cybersecurity, and smart contract challenges as more severe. Kruskal-Wallis analyses found significant differences across age, experience, job position, and company size, highlighting the complexity of blockchain integration in property management. Spearman’s correlations emphasized transparency and predictive maintenance as potential priorities, while digital identity and immutability posed major adoption challenges. These findings underscore the need for a strategic approach to blockchain adoption and provide recommendations for stakeholders and policymakers to navigate this transformative landscape. Keywords: Blockchain, Property Management, Real Estate Management, Smart Contract, Tokenisation Subject Area: TH3301-3411 Maintenance and repair

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