Blockchain and Real Estate Ownership in Bahrain

This study proposes a framework for transferring property ownership in Bahrain. This study examines the current ownership transfer system and analyzes blockchain technology as an alternative to facilitate real estate business. This exploratory research proposes a blockchain structure for implementing the ownership transfer process in the real estate business. This proposed mechanism brings buyers and sellers together to reduce overall costs, achieve transparency, and ease the process. We employ platform economics to illustrate how blockchain technology can transfer real estate property ownership. This study proposes that new ownership transfer structures adhere to these established pathways to ensure legal compliance and applicability. Failure to do so would render the new transfer structure legally invalid. Therefore, any proposed changes or innovations in the property ownership transfer process must align with existing legal frameworks to ensure their enforceability and legitimacy. The benefit of the platform is that it provides a reliable and smooth process that is secure and virtually impossible to hack or compromise, reducing the transaction cost and providing a sense of security to all stakeholders. Ultimately increasing the willingness to invest in real estate, especially the forging investors. Implementing such technologies helps improve the real estate market's monitoring and boost the stakeholders' confidence.