IMPACT OF BLOCKCHAIN TECHNOLOGY ON COMERCIAL REAL ESTATE PROJECT COST MANAGEMENT IN ABUJA

Abstract

Abuja's ever-growing real estate industry is facing pressure to manage project costs effectively due to inefficient project budget issues, cost overruns, lack of transparency and project delays. Hence, this study assessed the influence of blockchain technology on project cost management (PCM) of commercial real estate in Abuja by evaluating the challenges undermining project cost management and blockchain technology, the perception relating to the nexus between different blockchain attributes and their utility in resolving identified project cost management challenges, and the challenges of Blockchain adoption in commercial real estate PCM. The data for this study were obtained with the aid of questionnaires administered to Abuja chapters of the Nigerian Institution of Quantity Surveyors (NIQS) and Chartered Institute of Project Managers of Nigeria (CIPMN). One hundred and Thirteen (113) and sixty-seven (67) questionnaires administered to the Quantity Surveyors and Project Managers were retrieved, representing a response rate of 77.4% and 67% respectively, and a total response rate of 73.17%. The data collected were quantitatively analysed using a frequency distribution table, weighted mean score and standard deviation.