Crypto Currency and and buying property

Is buying property with bitcoin possible and what brings the future?

As there is so much talking about buying property in crypot currencies and a lot of misinformation I would like to summarize the outcome of yesterdays 1. National Congress on Blockchain in the Property Market.

What is Blockchain and how does it relate to Bitcoin?

Blockchain is basically a database that stores information/data electronically in blocks that are then linked together via cryptography. Decentralized blockchains are immutable, which means that the data entered is irreversible.
This guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.

In cryptocurrency systems, such as Bitcoin, Blockchain technology is used for maintaining a secure and decentralized record of transactions. This means that transactions are permanently recorded and viewable to anyone.

So how can the blockchain technology be used to buy and sell property?

Buying and selling anything really in the traditional way implicates following basic steps:

- agreement between buyer and seller on the price

- handing over the good or service

Of course we all agree that the seller must be the legal owner of the property and it must be handed over to the new owner. What as well is law is that any buyer can only buy a property with legally earned funds that do not come from fiscal paradise and/or illegal or terrorst activity.

So here we have the two big issues that still seem not to be completey solved in order to securely buy and sell property virtually - by the click of the mouse - and securely.

Preparing my property for the online world - tokenisation

In order to be able sell and hand over my real, touchable property in the binary world consisting bascailly of zeros and ones, it is neccessary that it is adapted to that medium. The solution is to convert THE RIGHT OVER THE PROPERTY into a TOKEN representing this right using the crypotgraphy and blockchain technology. And yes, there are companies that are able to provide such a service. It is important for this to work that it is guaranteed that the owner is not able to "tokenize" his property over and over again in different tokens through different companies. As far as I know there is not such gurantee there yet. In todays world the Land Registry exists and guarantees to any buyer of good faith that if he buys from the owner registered in this land registry he is the rightfull owner of this property and will be registered in the land registry as the new owner. These same guarantees should be possible to guarantee in the same way in the future to "tokenized" properties.