POTENTIAL OPPORTUNITIES OF BLOCKCHAIN TECHNOLOGY IN STREAMLINING THE MALAYSIAN COMMERCIAL OFFICE BUILDING OPERATION MANAGEMENT PROCESS

Abstract

Managing commercial real estate is extremely complex and cumbersome and involves many stakeholders who provide access to and modify a variety of information. This led to some common issues with traditional commercial real estate management such as lack of transparency, third-party interference, the complexity of the agreements, record keeping and security, and absence of real-time data. Accordingly, blockchain technology is anticipated to address the issues of data openness, trustworthiness, and correctness in the global real estate market. This research aims to discover the potential opportunities that blockchain could offer in streamlining the commercial office building operation management process. A conceptual framework of blockchain-based technology adoption in the current Malaysian commercial office building operation management process was developed based on the literature review and focus group discussion (FGD). The framework was underpinned by four core operation management that emerge from the research findings including financial, administrative, technical, and promotional management.