Blockchain Technology and Regression Methods: A Case of Conceptual Framework

International Journal of Business Society, Vol. 5, Issue 9
Asrat ArayaDr. Jauhari DahalanDr. Barudin Muhammad
Blockchain TechnologyRegression MethodsConceptual Framework
PDFRegular IssueDOI: 10.30566/ijo-bs/2021.11.66
5Volume
9Issue

Abstract

Purpose:The purpose of this paper is to review blockchain technology and to demonstrate how this technology is related to the real estate market using multiple regression methodology. Design/ Method/ Approach:Our approach to this work is first, review the blockchain technology, which includes its history, second review the limited work of Blockchain in the real estate market, its benefits and drawbacks. Findings:Since this paper is a conceptual approach toward applying blockchain technology in the real estate market, estimation of model parameters, including beta cap and a formula for estimating regression coefficients for multiple linear regression, has been done. Research limitations:The application of blockchain technology in the real estate market is minimal. Therefore, our paper has research limitations because much work is needed in this area of study. Practical implications:This reviewed work of ours will have practical implications on the real estate market regarding blockchain technology since works related to applying this technology in the real estate market are limited.

References

[1]

Abou El Houda, Z., Hafid, A., & Khoukhi, L. (2020). Blockchain Meets AMI: Towards Secure Advanced Metering Infrstructures. Paper presented at the ICC 2020 -2020 IEEE International Conference on Communications (ICC).

[2]

Almasoud, A. S., Hussain, F. K., & Hussain, O. K. (2020). Smart contracts for blockchain-based reputation systems: A systematic literature review. Journal of Network and Computer Applications, 170, 102814.

[3]

Axford, N. (2017). Global Investor Intentions Survey http://www. cbre. com/research -and-reports. Global -Investor -Intentions -Survey -2017.

[4]

Banafa, A. (2017). IoT and blockchain convergence: benefits and challenges. IEEE Internet of Things.

[5]

Beck, R., Stenum Czepluch, J., Lollike, N., & Malone, S. (2016). Blockchain –the gateway to trust-free cryptographic transactions.

[6]

Berg, A. (2020). The identity, fungibility and anonymity of money. Economic Papers: A journal of applied economics and policy, 39(2), 104-117.

[7]

Bourassa, S. C., Hoesli, M., & Oikarinen, E. (2019). Measuring house price bubbles. Real Estate Economics, 47(2), 534-563.

[8]

Breidbach, C. F., & Tana, S. (2021). Betting on Bitcoin: How social collectives shape cryptocurrency markets. Journal of Business Research, 122, 311-320.

[9]

Cermeño, J. S. (2016). Blockchain in financial services: Regulatory landscape and future challenges for its commercial application. BBVA Research Paper, 16, 20.

[10]

Chang, V., Baudier, P., Zhang, H., Xu, Q., Zhang, J., & Arami, M. (2020). How Blockchain can impact financial services –The overview, challenges and recommendations from expert interviewees. Technological Forecasting and Social Change, 158, 120166.

[11]

Chen, S., Liu, X., Yan, J., Hu, G., & Shi, Y. (2020). Processes, benefits, and challenges for adoption of blockchain technologies in food supply chains: a thematic analysis. Information Systems and e-Business Management, 1-27.

[12]

Connolly, A., & Kick, A. (2015). What differentiates early organization adopters of bitcoin from non-adopters?

[13]

Dimitrova, V., Fernández-Martínez, M. A., Sánchez-Granero, M. A., & Trinidad Segovia, J. E. (2019). Some comments on Bitcoin market (in) efficiency. PLOS ONE, 14(7), e0219243.

[14]

Dorri, A., Kanhere, S. S., Jurdak, R., & Gauravaram, P. (2019). LSB: A Lightweight Scalable Blockchain for IoT security and anonymity. Journal of Parallel and Distributed Computing, 134, 180-197.

[15]

Egelund-Müller, B., Elsman, M., Henglein, F., & Ross, O. (2017). Automated execution of financial contracts on blockchains. Business & Information Systems Engineering, 59(6), 457-467.

[16]

Fedorov, A. K., Kiktenko, E. O., & Lvovsky, A. I. (2018). Quantum computers put blockchain security at risk. IEEE Access, 7, 85727-85745.

[17]

Fields, D., & Rogers, D. (2021). Towards a critical housing studies research agenda on platform real estate. Housing, Theory and Society, 38(1), 72-94.

[18]

Firdaus, M., & Rhee, K. H. (2021). On blockchain-enhanced secure data storage and sharing in vehicular edge computing networks. Applied Sciences, 11(1), 414.

[19]

Frizzo-Barker, J., Chow-White, P. A., Adams, P. R., Mentanko, J., Ha, D., & Green, S. (2020). Blockchain as a disruptive technology for business: A systematic review. International Journal of Information Management, 51, 102029.

[20]

Frolov, D. (2021). Blockchain and institutional complexity: an extended institutional approach. Journal of Institutional Economics, 17(1), 21-36.

[21]

Garcia-Teruel, R. M. (2020). Legal challenges and opportunities of blockchain technology in the real estate sector. Journal of Property, Planning and Environmental Law.

[22]

Goforth, C. (2019). The Lawyer's Cryptionary: A Resource for Talking to Clients About Crypto-Transactions. Campbell L. Rev., 41, 47.

[23]

Haber, S., & Stornetta, W. (1991). How to Time-Stamp a Digital Document. Crypto’90, LNCS 537.

[24]

Hari, A., & Lakshman, T. (2016). The internet blockchain: A distributed, tamper-resistant transaction framework for the internet. Paper presented at the Proceedings of the 15th ACM Workshop on Hot Topics in Networks.

[25]

Hasavari, S., & Song, Y. T. (2019). A secure and scalable data source for emergency medical care using blockchain technology. In 2019 IEEE 17th International Conference on Software Engineering Research, Management and Applications (SERA) (pp. 71-75). IEEE.

[26]

Hawlitschek, F., Notheisen, B., & Teubner, T. (2018). The limits of trust-free systems: A literature review on blockchain technology and trust in the sharing economy. Electronic commerce research and applications, 29, 50-63.

[27]

Hoxha, V., & Sadiku, S. (2019). Study of factors influencing the decision to adopt the blockchain technology in real estate transactions in Kosovo. Property Management.

[28]

Hughes, L., Dwivedi, Y. K., Misra, S. K., Rana, N. P., Raghavan, V., & Akella, V. (2019). Blockchain research, practice and policy: Applications, benefits, limitations, emerging research themes and research agenda. International Journal of Information Management, 49, 114-129.

[29]

Lakhani, K. R., & Iansiti, M. (2017). The truth about blockchain. Harvard Business Review, 95(1), 119-127.

[30]

Iosif, E., Christodoulou, K., & Vlachos, A. (2021). A Robust Blockchain Readiness Index Model. arXiv preprint arXiv:2101.09162.

[31]

Janssen, M., Weerakkody, V., Ismagilova, E., Sivarajah, U., & Irani, Z. (2020). A framework for analysing blockchain technology adoption: Integrating institutional, market and technical factors. International Journal of Information Management, 50, 302-309.

[32]

Ji, Q., Bouri, E., Roubaud, D., & Kristoufek, L. (2019). Information interdependence among energy, cryptocurrency and major commodity markets. Energy Economics, 81, 1042-1055.

[33]

Kalyuzhnova, N. (2018). Transformation of the real estate market on the basis of use of the blockchain technologies: opportunities and problems. Paper presented at the MATEC Web of Conferences.

[34]

Kamble, S., Gunasekaran, A., & Arha, H. (2019). Understanding the Blockchain technology adoption in supply chains -Indian context. International Journal of Production Research, 57(7), 2009-2033.

[35]

Knewtson, H. S., & Rosenbaum, Z. A. (2020). Toward understanding FinTech and its industry. Managerial Finance.

[36]

Kosba, A., Miller, A., Shi, E., Wen, Z., & Papamanthou, C. (2016). Hawk: The blockchain model of cryptography and privacy-preserving smart contracts. Paper presented at the 2016 IEEE symposium on security and privacy (SP).

[37]

Kouhizadeh, M., Saberi, S., & Sarkis, J. (2021). Blockchain technology and the sustainable supply chain: Theoretically exploring adoption barriers. International Journal of Production Economics, 231, 107831.

[38]

Kramer, M. (2019). An Overview of Blockchain Technology Based on a Study of Public Awareness. Global Journal of Business Research, 13(1), 83-91.

[39]

Kshetri, N. (2018). 1 Blockchain’s roles in meeting key supply chain management objectives. International Journal of Information Management, 39, 80-89.

[40]

Kumari, M., Gupta, M., & Ved, C. (2021). Blockchain in Pharmaceutical Sector. In Applications of Blockchain in Healthcare (pp. 199-220): Springer.

[41]

Lacity, M. C. (2018). Enterprise blockchains: Eight sources of business value and the obstacles in their way. Arkansas, US (available at https://walton.uark.edu/enterprise/downloads/blockchain/LacityBlockchainsExplained.pdf).

[42]

Latifi, S., Zhang, Y., & Cheng, L. C. (2019). Blockchain-based real estate market: One method for applying blockchain technology in commercial real estate market. In 2019 IEEE International Conference on Blockchain (Blockchain) (pp. 528-535). IEEE Computer Society.

[43]

Lee, C. C., Kriscenski, J. C., & Lim, H. S. (2019). AN EMPIRICAL STUDY OF BEHAVIORAL INTENTION TO USE BLOCKCHAIN TECHNOLOGY. Journal of International Business Disciplines, 14(1).

[44]

Li, X., Wu, L., Zhao, R., Lu, W., & Xue, F. (2021). Two-layer Adaptive Blockchain-based Supervision model for off-site modular housing production. Computers in Industry, 128, 103437.

[45]

Lindman, J., Tuunainen, V. K., & Rossi, M. (2017). Opportunities and risks of Blockchain Technologies –a research agenda.

[46]

Liu, C., Xiao, Y., Javangula, V., Hu, Q., Wang, S., & Cheng, X. (2018). Normachain: A blockchain-based normalized autonomous transaction settlement system for IoT-based e-commerce. IEEE Internet of Things Journal, 6(3), 4680-4693.

[47]

Lord, S. (2016). Bankchain & itBit: Settling on the blockchain. Modern Trader, 16.

[48]

Lumineau, F., Wang, W., & Schilke, O. (2021). Blockchain governance —A new way of organizing collaborations?. Organization Science, 32(2), 500-521.

[49]

Mashatan, A., & Roberts, Z. (2017). An enhanced real estate transaction process based on blockchain technology.

[50]

Mathivathanan, D., Mathiyazhagan, K., Rana, N. P., Khorana, S., & Dwivedi, Y. K. (2021). Barriers to the adoption of blockchain technology in business supply chains: a total interpretive structural modelling (TISM) approach. International Journal of Production Research, 1-22.

[51]

Mattila, J. (2016). The blockchain phenomenon. Berkeley Roundtable of the International Economy, 16.

[52]

Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system.

[53]

Nijland, M., & Veuger, J. (2019). Influence of blockchain in the real estate sector. International Journal of Applied Science, 2(2), 22-22.

[54]

Novo, O. (2018). Blockchain meets IoT: An architecture for scalable access management in IoT. IEEE Internet of Things Journal, 5(2), 1184-1195.

[55]

Ometov, A., Bardinova, Y., Afanasyeva, A., Masek, P., Zhidanov, K., Vanurin, S., ... & Bezzateev, S. (2020). An overview on blockchain for smartphones: State-of-the-art, consensus, implementation, challenges and future trends. IEEE Access, 8, 103994-104015.

[56]

Pelt, R. V., Jansen, S., Baars, D., & Overbeek, S. (2021). Defining blockchain governance: a framework for analysis and comparison. Information Systems Management, 38(1), 21-41.

[57]

Perera, S., Nanayakkara, S., Rodrigo, M. N. N., Senaratne, S., & Weinand, R. (2020). Blockchain technology: Is it hype or real in the construction industry?. Journal of Industrial Information Integration, 17, 100125.

[58]

Pilkington, M. (2016). Blockchain technology: principles and applications. In Research handbook on digital transformations: Edward Elgar Publishing.

[59]

Puthal, D., & Mohanty, S. P. (2018). Proof of authentication: IoT-friendly blockchains. IEEE Potentials, 38(1), 26-29.

[60]

Queiroz, M. M., Telles, R., & Bonilla, S. H. (2019). Blockchain and supply chain management integration: a systematic review of the literature. Supply Chain Management: An International Journal.

[61]

Queiroz, M. M., & Wamba, S. F. (2019). Blockchain adoption challenges in supply chain: An empirical investigation of the main drivers in India and the USA. International Journal of Information Management, 46, 70-82.

[62]

Rabiei-Dastjerdi, H., McArdle, G., Matthews, S. A., & Keenan, P. (2021). Gap analysis in decision support systems for real-estate in the era of the digital earth. International Journal of Digital Earth, 14(1), 121-138.

[63]

Sadhya, V., & Sadhya, H. (2018). Barriers to adoption of blockchain technology.

[64]

Schilling, L., & Uhlig, H. (2019). Some simple bitcoin economics. Journal of Monetary Economics, 106, 16-26.

[65]

Schuetz, S., & Venkatesh, V. (2020). Blockchain, adoption, and financial inclusion in India: Research opportunities. International Journal of Information Management, 52, 101936.

[66]

Shen, X., Pei, Q., & Liu, X. J. (2016). Survey of block chain. 2(11), 11-20.

[67]

Shin, N. (2001). The impact of information technology on financial performance: the importance of strategic choice. European Journal of Information Systems, 10(4), 227-236.

[68]

Singh, N., & Vardhan, M. (2019). Digital ledger technology-based real estate transaction mechanism and its block size assessment. International Journal of Blockchains and Cryptocurrencies, 1(1), 67-84.

[69]

Sivaram, M., Lydia, E. L., Pustokhina, I. V., Pustokhin, D. A., Elhoseny, M., Joshi, G. P., & Shankar, K. (2020). An optimal least square support vector machine based earnings prediction of blockchain financial products. IEEE Access, 8, 120321-120330.

[70]

Smetanin, S., Ometov, A., Komarov, M., Masek, P., & Koucheryavy, Y. (2020). Blockchain evaluation approaches: State-of-the-art and future perspective. Sensors, 20(12), 3358.

[71]

Smith, K., & Dhillon, G. (2017). Blockchain for digital crime prevention: The case of health informatics.

[72]

Sompo linsky, Y., & Zohar, A. (2015). Secure high-rate transaction processing in bitcoin. Paper presented at the International Conference on Financial Cryptography and Data Security.

[73]

Sun, W., Dedahanov, A. T., Shin, H. Y., & Li, W. P. (2021). Using extended complexity theory to test SMEs’ adoption of Blockchain-based loan system. PLOS One, 16(2), e0245964.

[74]

Taipaleenmäki, J., & Ikäheimo, S. (2013). On the convergence of management accounting and financial accounting –the role of information technology in accounting change. International Journal of Accounting Information Systems, 14(4), 321-348.

[75]

Ullah, F., Sepasgozar, S. M., Thaheem, M. J., & Al-Turjman, F. (2021). Barriers to the digitalisation and innovation of Australian Smart Real Estate: A managerial perspective on the technology non-adoption. Environmental Technology & Innovation, 101527.

[76]

Rabiei-Dastjerdi, H., McArdle, G., Matthews, S. A., & Keenan, P. (2021). Gap analysis in decision support systems for real-estate in the era of the digital earth. International Journal of Digital Earth, 14(1), 121-138.

[77]

Queiroz, M. M.; Telles, R.; Bonilla, S. H. (2019). Blockchain and supply chain management integration: a systematic review of the literature. Supply Chain Management: An International Journal.

[78]

Queiroz, M. M.; Wamba, S. F. (2019). Blockchain adoption challenges in supply chain: An empirical investigation of the main drivers in India and the USA. International Journal of Information Management, 46, 70-82.

[79]

Rabiei-Dastjerdi, H., McArdle, G., Matthews, S. A., & Keenan, P. (2021). Gap analysis in decision support systems for real-estate in the era of the digital earth. International Journal of Digital Earth, 14(1), 121-138.

[80]

Wörner, D., Von Bomhard, T., Schreier, Y.-P., & Bilgeri, D. (2016). The bitcoin ecosystem: Disruption beyond financial services?

[81]

Wright, A., & De Filippi, P. (2015). Decentralized blockchain technology and the rise of lex cryptographia. Available at SSRN 2580664.

[82]

Wu, Y., Dai, H. N., & Wang, H. (2020). Convergence of blockchain and edge computing for secure and scalable IIoT critical infrastructures in industry 4.0. IEEE Internet of Things Journal, 8(4), 2300-2317.

[83]

Janssen, M., Weerakkody, V., Ismagilova, E., Sivarajah, U., & Irani, Z. (2020). A framework for analysing blockchain technology adoption: Integrating institutional, market and technical factors. International Journal of Information Management, 50, 302-309.

[84]

Ji, Q., Bouri, E., Roubaud, D., & Kristoufek, L. (2019). Information interdependence among energy, cryptocurrency and major commodity markets. Energy Economics, 81, 1042-1055.

[85]

Kalyuzhnova, N. (2018). Transformation of the real estate market on the basis of use of the blockchain technologies: opportunities and problems. Paper presented at the MATEC Web of Conferences.

[86]

Kamble, S., Gunasekaran, A., & Arha, H. (2019). Understanding the Blockchain technology adoption in supply chains -Indian context. International Journal of Production Research, 57(7), 2009-2033.

[87]

Knewtson, H. S., & Rosenbaum, Z. A. (2020). Toward understanding FinTech and its industry. Managerial Finance.

[88]

Kosba, A., Miller, A., Shi, E., Wen, Z., & Papamanthou, C. (2016). Hawk: The blockchain model of cryptography and privacy-preserving smart contracts. Paper presented at the 2016 IEEE symposium on security and privacy (SP).

[89]

Kouhizadeh, M., Saberi, S., & Sarkis, J. (2021). Blockchain technology and the sustainable supply chain: Theoretically exploring adoption barriers. International Journal of Production Economics, 231, 107831.

[90]

Kramer, M. (2019). An Overview of Blockchain Technology Based on a Study of Public Awareness. Global Journal of Business Research, 13(1), 83-91.

[91]

Kshetri, N. (2018). 1 Blockchains’ roles in meeting key supply chain management objectives. International Journal of Information Management, 39, 80-89.

[92]

Kumari, M., Gupta, M., & Ved, C. (2021). Blockchain in Pharmaceutical Sector. In Applications of Blockchain in Healthcare (pp. 199-220): Springer.

[93]

Lacity, M. C. (2018). Enterprise blockchains: Eight sources of business value and the obstacles in their way. Arkansas, US (available at https://walton.uark.edu/enterprise/downloads/blockchain/LacityBlockchainsExplained.pdf).

[94]

Latifi, S., Zhang, Y., & Cheng, L. C. (2019). Blockchain-based real estate market: One method for applying blockchain technology in commercial real estate market. In 2019 IEEE International Conference on Blockchain (Blockchain) (pp. 528-535). IEEE Computer Society.

[95]

Lee, C. C., Kriscenski, J. C., & Lim, H. S. (2019). AN EMPIRICAL STUDY OF BEHAVIORAL INTENTION TO USE BLOCKCHAIN TECHNOLOGY. Journal of International Business Disciplines, 14(1).

[96]

Li, X., Wu, L., Zhao, R., Lu, W., & Xue, F. (2021). Two-layer Adaptive Blockchain-based Supervision model for off-site modular housing production. Computers in Industry, 128, 103437.

[97]

Lindman, J., Tuunainen, V. K., & Rossi, M. (2017). Opportunities and risks of Blockchain Technologies –a research agenda.

[98]

Liu, C., Xiao, Y., Javangula, V., Hu, Q., Wang, S., & Cheng, X. (2018). Normachain: A blockchain-based normalized autonomous transaction settlement system for IoT-based e-commerce. IEEE Internet of Things Journal, 6(3), 4680-4693.

[99]

Lord, S. (2016). Bankchain & itBit: Settling on the blockchain. Modern Trader, 16.

[100]

Lumineau, F., Wang, W., & Schilke, O. (2021). Blockchain governance —A new way of organizing collaborations?. Organization Science, 32(2), 500-521.

[101]

Mashatan, A., & Roberts, Z. (2017). An enhanced real estate transaction process based on blockchain technology.

[102]

Mathivathanan, D., Mathiyazhagan, K., Rana, N. P., Khorana, S., & Dwivedi, Y. K. (2021). Barriers to the adoption of blockchain technology in business supply chains: a total interpretive structural modelling (TISM) approach. International Journal of Production Research, 1-22.

[103]

Mattila, J. (2016). The blockchain phenomenon. Berkeley Roundtable of the International Economy, 16.

[104]

Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system.

[105]

Nijland, M., & Veuger, J. (2019). Influence of blockchain in the real estate sector. International Journal of Applied Science, 2(2), 22-22.

[106]

Novo, O. (2018). Blockchain meets IoT: An architecture for scalable access management in IoT. IEEE Internet of Things Journal, 5(2), 1184-1195.

[107]

Ometov, A., Bardinova, Y., Afanasyeva, A., Masek, P., Zhidanov, K., Vanurin, S., ... & Bezzateev, S. (2020). An overview on blockchain for smartphones: State-of-the-art, consensus, implementation, challenges and future trends. IEEE Access, 8, 103994-104015.

[108]

Pelt, R. V., Jansen, S., Baars, D., & Overbeek, S. (2021). Defining blockchain governance: a framework for analysis and comparison. Information Systems Management, 38(1), 21-41.

[109]

Perera, S., Nanayakkara, S., Rodrigo, M. N. N., Senaratne, S., & Weinand, R. (2020). Blockchain technology: Is it hype or real in the construction industry?. Journal of Industrial Information Integration, 17, 100125.

[110]

Pilkington, M. (2016). Blockchain technology: principles and applications. In Research handbook on digital transformations: Edward Elgar Publishing.

[111]

Puthal, D., & Mohanty, S. P. (2018). Proof of authentication: IoT-friendly blockchains. IEEE Potentials, 38(1), 26-29.

[112]

Queiroz, M. M., Telles, R., & Bonilla, S. H. (2019). Blockchain and supply chain management integration: a systematic review of the literature. Supply Chain Management: An International Journal.

[113]

Rabiei-Dastjerdi, H., McArdle, G., Matthews, S. A., & Keenan, P. (2021). Gap analysis in decision support systems for real-estate in the era of the digital earth. International Journal of Digital Earth, 14(1), 121-138.

[114]

Hoxha, V., & Sadiku, S. (2019). Study of factors influencing the decision to adopt the blockchain technology in real estate transactions in Kosovo. Property Management.

[115]

Wang, Y., Chen, R., & Wang, D. C. (2015). A survey of mobile cloud computing applications: Perspectives and challenges. Wireless Personal Communications, 80(4), 1607-1623.

[116]

Wang, Y., Chen, C. H., & Zghari-Sales, A. (2021). Designing a blockchain enabled supply chain. International Journal of Production Research, 59(5), 1450-1475.

[117]

Xiao, Y., Zhang, N., Lou, W., & Hou, Y. T. (2020). A survey of distributed consensus protocols for blockchain networks. IEEE Communications Surveys & Tutorials, 22(2), 1432-1465.

[118]

Yang, F., Zhou, W., Wu, Q., Long, R., Xiong, N. N., & Zhou, M. (2019). Delegated proof of stake with downgrade: A secure and efficient blockchain consensus algorithm with downgrade mechanism. IEEE Access, 7, 118541-118555.

[119]

Ying, W., Jia, S., & Du, W. (2018). Digital enablement of blockchain: Evidence from HNA group. International Journal of Information Management, 39, 1-4.

[120]

Chen, Y., Li, Y., & Li, C. (2020). Electronic agriculture, blockchain and digital agricultural democratization: Origin, theory and application. Journal of Cleaner Production, 268, 122071.

[121]

Yoo, S. (2017). Blockchain based financial case analysis and its implications. Asia Pacific Journal of Innovation and Entrepreneurship.

[122]

Yu, D., & Sheng, L. (2020). Knowledge diffusion paths of blockchain domain: the main path analysis. Scientometrics, 125(1), 471-497.

[123]

Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017). An overview of blockchain technology: Architecture, consensus, and future trends. In 2017 IEEE international congress on big data (BigData congress) (pp. 557-564). IEEE.

Article Information

Article Details
Volume & IssueVol. 5, Iss. 9
Publication DateNov 10, 2021
Authors
Asrat Araya
Dr. Jauhari Dahalan
Dr. Barudin Muhammad
DOI
10.30566/ijo-bs/2021.11.66
PDF Download