The Ripple Ledger will be used by the Colombian government’s new system to store and authenticate property titles. The National Land Agency hopes to use the system, which was created by a third-party business called Peersyst Technology, to issue a record number of land adjudications for citizens.
There are businesses and governments using blockchain technology for other purposes, even though its primary applications currently involve assets with transactional value, such as cryptocurrencies. The Ripple Ledger, the asset’s underlying blockchain, will be used by the Colombian government to help with the country’s land title issuance.
The announcement was made by Peersyst Technology, a third-party company that worked with Ripple to complete the digital implementation of the National Land Registry. The company stated:
The solution has been implemented for AgenciaTierras is based on xrpstamp which allows to register digital assets on XRPL and verify their authenticity with QRCode.
This means that the new system will allow for the issuance of land-related documents and verification of their authenticity without requiring third parties for the process.
The project includes the ripple-based solution to help many landowners who still lack official documents proving their ownership of the land they live on normalize their status. In order to ensure confidence in the solution chosen by Colombia, Peersyst Technology stated that this solution aims to certify more than 100,000 land adjudications in the near future.
There are other, comparable projects in Latin America that aim to use blockchain technology to advance various governmental objectives. By using blockchain to record every interaction, the Brazilian Blockchain Network, a project that aims to create a common infrastructure for institutions to build apps on, aims to increase the transparency of how the government operates.
Similarly, a cryptocurrency bill 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 broader audience in the country.
Colombia has also recently taken the first steps to regulate cryptocurrency exchanges with a bill being approved in its first discussion by the Columbian Congress.
