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The Colombian government announced a new system that will allow it to use Ripple Ledger to store and authenticate real estate titles. The system, which was developed by a third-party company called Peersyst Technology, aims to allow the National Land Agency to issue a record number of lands to residents.
While the main use of blockchain technology is currently related to assets with transaction value, such as cryptocurrencies, it is companies and authorities that utilize it for other uses. The Colombian government will use the underlying blockchain of the XRP asset, Ripple Ledger, to assist in the issuance of land titles in the country.
The announcement was created by Peersyst Technology, a third-party company that partnered with Ripple to complete the digital implementation of the National Cadastral Register. The company stated:
The solution implemented for AgenciaTierras is based on xrpstamp which makes it possible to register digital assets on XRPL and verify their authenticity with QRCode.
This means that the new system will allow the issuance of country-related documents and verification of their authenticity without requiring third parties for the process.
The project includes the Ripple-based solution to help normalize the status of many landowners who still do not have the paperwork to confirm ownership of the land they live in. In this sense, Peersyst Technology announced that this solution aims to certify more than 100 000 lands in the short term, to guarantee confidence in the solution adopted by Colombia.
There are other, similar projects in Latam, which seek to exploit the use of blockchain for various government goals. The Brazilian blockchain network, a project that seeks to build a common infrastructure for institutions to build apps on, aims to improve the transparency of the government function by using the blockchain to record each interaction.
Similarly, a bill on cryptocurrency approved by the Panamanian National Assembly, which was partially vetoed by President Laurentino Cortizo due to money laundering concerns, included an initiative to create a blockchain-based ID system to facilitate access to ID-related services for a wider audience in the country.
Colombia has also recently taken the first steps to regulate cryptocurrency exchange with a bill that was approved in its first discussion by the Colombian Congress.
What do you think about using Ripple Ledger to register countries in Colombia? Tell us in the comments section below.
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