Awareness-based indicators of the potential adoption of blockchain technology by real estate practitioners in Lagos, Nigeria

Abstract

Purpose – This study examined the awareness-based indicators of the adoption potential of blockchain technology (BCT) by real estate practitioners in Lagos, Nigeria. Specifically, the study assessed the level of awareness of BCT in real estate practices among real estate professionals in real estate firms. The study also examined the relationship between the profile of the professionals and the real estate firms, and the level of awareness of BCT. Design/methodology/approach – The data were elicited using a mixed-method approach. Closed-ended questionnaires were administered to 252 real estate firms and 139(55.2%) were retrieved. Also, 10 real estate professionals with BCT knowledge for over 5 years were interviewed. Data were analysed using mean, frequency, percentage, Kruskal–Wallis H test and content analysis. Findings – The study revealed that BCT awareness in the Lagos property market is low. The real estate professionals were mostly familiar with basic BCT terms. The professionals had a higher level of awareness of BCT applicability for real estate agency and property management compared to other areas of real estate practices. While the main source of BCT awareness was through tech blogs, news/magazines/articles and colleagues, the level of awareness was higher in Lagos Island than in Lagos Mainland and Ikeja. The study found that the cadre of employees and the location of firms had an influence on the level of awareness of BCT, with p-values of 0.019 and 0.002 respectively. There was no significant difference between BCT awareness and other real estate firms’ profiles and the socioeconomic characteristics of real estate professionals. Practical implications – The study offers insights into the awareness-based indicators of BCT in real estate practice in the Lagos property market. The results are useful to real estate firms and professional bodies in developing awareness-based programmes on the application of BCT in various areas of real estate practice. Originality/value – This study contributes to the literature on BCT in the real estate domain by assessing the knowledge of the real estate practitioners on BCT. This study will be the first effort to assess the level of BCT awareness in the Lagos property market.