Colombia to Use Ripple Ledger to Issue Land Registry Certificates

Colombia to Use Ripple Ledger to Issue Land Registry Certificates

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17/08/2022 by Koinal
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Colombia has announced a new system that will allow it to store and authenticate property titles through the Ripple Ledger. Peersyst Technology, a third-party company, designed the system to let the National Land Agency adjudicate a record number of land.
Colombia to Use Ripple Ledger to Issue Land Registry Certificates

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Colombia has announced a new system that will allow it to store and authenticate property titles through the Ripple Ledger. Peersyst Technology, a third-party company, designed the system to let the National Land Agency adjudicate a record number of land.

As of today, blockchain technology is mostly used for transactional assets, like cryptocurrencies, but companies and governments are using it for other purposes. Colombia will be using the Ripple Ledger blockchain based on the XRP asset to issue land titles.

Peersyst Technology, a third-party company that worked with Ripple on the digital implementation of the National Land Registry, announced the event. According to the company:

The solution that has been implemented for AgenciaTierras is based on xrpstamp which allows to register of digital assets on XRPL and verify their authenticity with QRCode.

Thus, the new system will allow third parties to participate in the issuance of land-related documents and verification of their authenticity.

Intended Goals and Related Projects

Ripple-based solutions are planned to help normalize the status of many land owners who lack the documents to certify their ownership. As a result, Peersyst Technology announced that its solution is designed to certify more than 100,000 land adjudications in a short timeframe, to ensure trust in Colombia.

Similar projects are underway in Latam that utilize blockchain technology to accomplish various government goals. This project, known as the Brazilian Blockchain Network, aims to create a common infrastructure for institutions to build apps on, allowing governments to improve transparency by using blockchains to record every interaction and contact.

The first step is also being taken by Colombia to regulate cryptocurrency exchanges, with a bill being approved in its first discussion by the Columbian Congress.

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