Colombian government has announced an innovative system for storing and authenticating property titles. Peersyst Technology developed the system. It aims to enable the National Land Agency (NLA) to issue record numbers of adjudications to citizens.
Colombia will register land titles on the Ripple Ledger
Although blockchain technology’s main applications are linked to transactions-based assets like cryptocurrency, some companies and governments are leveraging the technology for other purposes. Colombian government plans to use Ripple Ledger’s underlying blockchain, which is part of the XRP asset, for the issuance and management of land titles.
It announcementPeersyst Technology (a third-party firm that collaborated with Ripple in the digital implementation and maintenance of the National Land Registry) made the announcement. It stated that:
AgenciaTierras’ solution is based upon xrpstamp, which permits you to register digital assets using XRPL. You can also verify authenticity of these assets with QRCode.
The new system allows for land-related documents to be issued and verified without the need for third parties.
Goals and related projects
The project includes the Ripple-based solution to help normalize the status of many land owners that still don’t have papers to certify their ownership over the land they inhabit. Peersyst Technology has announced in this regard that it plans to certify more than 100,000 land adjudications quickly to assure confidence in Colombia’s solution.
Latam has many similar projects that use blockchain to achieve various goals. Brazilian Blockchain Network is a project which aims to create a shared infrastructure on which institutions can build apps. It also aims to increase transparency in government functions by using blockchain to track every interaction.
Similar to the above, a Panamanian National Assembly approved a cryptocurrency bill. This was partly vetoed due to concerns about money laundering. It included an initiative to establish a blockchain-based ID System to make it easier for people to access ID-related services.
Colombia also took first steps recently to regulate cryptocurrency trading with the approval of a bill by the Columbian Congress.
How do you feel about the Ripple Ldger being used to register land in Colombia Please leave your comments below.
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