Blockchain to rejig Bahrain’s realty

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Real estate transactions in Bahrain will soon witness the introduction of blockchain technology, providing buyers and sellers with a new means to connect.

Real estate transactions are often conducted offline and involve face-to-face engagements with various entities. Blockchain is now opening up ways to change this in Bahrain.

As a matter of fact, blockchain transactions are employed worldwide to cut intermediaries out of real estate transactions to reduce costs. According to a report by Deloitte, brokers, lawyers, and banks have long been part of the real estate ecosystem.

However, blockchain may soon usher in a shift in their roles and participation in real estate transactions. In Bahrain, the blockchain process in the realty sector is taking its baby steps, though the Kingdom stands out as a leading blockchain innovator, not only in the Middle East but across the globe.

Real estate, however, hasn’t completely escaped blockchain disruption. The technology is opening new inroads into this crucial sector, with the Survey & Land Registration Bureau launching a tender to kick open the process.

The tender launched says Survey & Land Registration Bureau “wishes to adopt blockchain technology and smart contract solution for all its property transfers for obvious technology benefits.”

The tender says the bureau is seeking a Request for Information (RFI) document to have an opinion and budgetary costing from relevant solution providers. Bahrain has already issued regulations on services of crypto-asset platforms and licensed cryptocurrency exchanges like e Rain, BitOasis, MidChains, and Arabian Bourse and has also invested in cryptocurrency-related startups. To be a part of the process with SLRV, submit your RFI before the 2nd of June 2022.