This thesis has been written for HAN University. Fully in compliance with HAN Guidelines, including all qualitative and quantitative data and 6 real estate/blockchain experts. The thesis has been graded with a 7.0.
Before you start reading this thesis. I would like to mention that I enjoyed doing this research,
it was one of my biggest challenges during my study period at HAN University. This document
gives more in-depth information implementation on one of my technical fascinations, which
is blockchain technology. This research is written for the study of International Business, which
is being pursued at HAN University of Applied Sciences (Located in Arnhem, Netherlands).
The objective of this research is to provide industrial information for the real estate industry
on how blockchain is impacting the records of ownership. I would like to give people more
insight on implementing blockchain technology, as there is now very little information
available. The findings of this research are based on desk research from scientific articles and
from multiple experts providing relevant information through field research.
I would like to thank everyone who has helped me during this research process. Especially my
supervisor Mr. Bakker for his great support and feedback on my thesis. Furthermore, I want
to thank the experts that helped me with my interviews, your input was of great value to my
research.
Finally, a massive thank you to my parents for supporting me during my journey at HAN
University. It was great that you allowed me to attend this study.
I wish you happy reading!
Noah Dix
Malden, 30-04-2022
2
,Executive summary
‘’The development of technology will leave only one problem: the infirmity of human nature’’.
According to Karl Kraus (Libquotes,z.d).
Real estate is itself an asset class full of regulations and illiquidity. It can be marked by its slow
administrative processes, high costs for the transformation of ownership, and high entry
barriers. Characteristics of the real estate market are a lack of transparency and non-liquidity.
This causes problems for buyers and sellers of real estate properties.
In response to these problems within the real estate industry, there is a new technology
quickly emerging. This technology is blockchain, which could solve the problems and
inefficiencies that are occurring in this asset class. Blockchain is a system that allows users to
send transactions or information inside a chain of blocks that cannot be changed. All this work
is decentralized, there is no central bank or intuition needed for this. A blockchain is a
worldwide ledger containing transactions/information where this gets distributed across the
world, with usually low transaction fees (IBM, 2022). There is a worldwide increasing growth
rate for the use of blockchain technology as an intermediary (Fairview Capital Partners, 2022).
Experts that were conducted for this research mention that the implementation of blockchain
technology for the records of ownership can lead to improvements in efficiency, transparency,
and trust.
Desk research has demonstrated that blockchain can function as a disruptive technology for
the traditional recording processes within the real estate industry and that blockchain
technology has the potential to change the processes of transferring real estate properties.
As blockchain technology currently is facing certain challenges and limitations within the real
estate industry, recommendations for further growth of the technology based on desk and
field research have been conducted.
- Change in the regulatory framework of the government
- Creating partnerships
- Further automatization and optimization of blockchain technology
- Recognizing certain cryptocurrencies as an alternative valid payment method
This research includes recommendations for further implementation of blockchain technology
for the records of ownership and includes data to support findings that can be important for
the industry.
2. 72.1 Research questions:
7
2.2 Theories and models used in the research: 7
2.3 Research methodology: 8
2.3.1 Desk research model 9
2.3.2 Field research model 10
2.3.3 Limitations of research methods 12
3. 123.1 How does the record of ownership work right now within the real estate industry in the
Netherlands? 12
3.2 What is the role of blockchain technology currently in the real estate industry within the Netherlands? 13
3.3 What are current examples of blockchain being used for recording the records of ownership within real
estate? 14
3.4 What are the pros and cons of using blockchain technology for the records of ownership within the real
estate industry? 14
3.5 How can blockchain technology be used for the upcoming 5 years for recording the records of
ownership?... 15
4. 165.
186.
187.
19Bibliography APA
21
Selling tool 27
Appendix 30
1. 282.
282.1 Research methodology
35
3. Research cycle 4 57
4 71
4
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