Blockchain-based real-estate tokenization in regulated markets: A systematic review and socio-technical governance framework

Abstract

Existing research on blockchain-based real-estate tokenization remains divided among technical architectures, ownership and token models, institutional regulation, and adoption studies, leaving these elements insufficiently integrated for the design of regulated marketplaces. This paper presents a mixed-method study combining a PRISMA-based systematic review of 63 primary studies with an exploratory perception survey of 153 respondents in Saudi Arabia, a highly regulated real-estate market. The review develops a taxonomy of blockchain-based real-estate tokenization systems across eight dimensions: architecture, ownership, transactions, tokenization, certification, stakeholders, technology, and adoption barriers. Findings show movement from registry-centric digitization toward marketplace-oriented models and identify regulated-deployment conditions spanning legal enforceability, identity assurance, governance, privacy, interoperability, continuous security monitoring, and long-term cryptographic resilience. Survey responses show a coherent, predominantly cautious orientation. Reliability and single-factor results identify a general response disposition, while open responses distinguish recognition of particular capabilities from endorsement of their wider adoption consequences. The study contributes an evidence-traceable synthesis that connects the taxonomy, cross-dimensional deployment gaps, exploratory perception evidence, and a socio-technical governance framework comprising a jurisdiction-gated adoption pathway and twelve design requirements, with applicability assessed against documented institutional initiatives.