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Ripple in focus: Colombia introduces land register based on the XRP ledger

 


Blockchain development company Peersyst has partnered with Ripple to implement the Colombian land registry based on the XRP Ledger (XRPL). The announcement came as part of a national initiative to improve the country's blockchain capabilities by senior government officials.


Through their official Twitter account, Peersyst announced that their solution will be used by the Colombian National Land Authority. The government body will be able to issue digital certificates that can be validated and verified via QR codes.

The platform uses XRP Stamp technology for its certificates. Developed by Peersyst on top of the XRPL, this technology allows anyone to eliminate the friction of certifying a document using blockchain technology. The XRP Stamp is a decentralized, secure and multi-service tool. Peersyst said the following about their XRPL-based solution and implementation for the government agency:


The solution was implemented for the state authority and is based on xrpstamp.com, which allows registering digital assets on XRPL and verifying their authenticity with QRCode. The solution will register over 100,000 assignments in a short period of time to ensure trust in Colombia.

This approach was developed for over a year with blockchain company Ripple, the developer of the XRPL. The solution will be implemented as a pilot or test phase under the direction of the Colombian Ministry of Information and Communication Technologies (MinTIC).


The government agency is trying to develop blockchain-based use cases and gradually implement them in different government agencies. The aim is to improve processes that are traditionally time-consuming for citizens and to create more transparency.


MinTIC presented Peersyst's solution at an event titled "For a more digital State: Blockchain serving the public sector". During this event, MinTIC Minister Carmen Valderrama presented an update on the country's blockchain policies.


The new document provides Colombia with updated guidance on adopting and implementing blockchain-based solutions. In this sense, the National Land Registry will play a major role as one of the government bodies participating in the pilot phase.


Ripple believes that blockchain technology will transform Latin America

During the event, Valderrama identified blockchain technology as a valuable asset for the Colombian state. According to the minister, the country has updated its instruments and invited Colombian actors to familiarize themselves with the new guidelines. The Vice Minister of the Colombian Ministry of Information and Communication Technologies (MinTIC), Iván Durán, added the following to the importance of blockchain technology:


(…) verifiability, traceability and immutability of data; a set of characteristics that allow us to be an increasingly transparent state and ensure the security of information.


According to a recent Ripple survey, Latin America is one of the most critical regions in the world in terms of blockchain and cryptocurrency adoption. More than 1,600 global financial institutions and leading finance professionals, 700 blockchain and crypto developers, and more than 800 people participated in the survey.


Respondents believe this technology will have a “massive or significant business impact” in the Latin America (LatAm), Asia Pacific (APAC) and Middle East and North Africa (MENA) region over the next 5 years.

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