Peersyst Technology, a blockchain development firm, announced that it has successfully implemented the digital land registry for Colombia built on Ripple’s XRPL blockchain. The Barcelona-based company had been working on the solution for over a year.
“The solution has been implemented for Land Agency is based on xrpstamp.com which allows to register digital assets on XRPL and verify their authenticity with QRCode. The solution will register +100k adjudications in a short term to guarantee confidence for Colombia”Peersyst Technology
Colombia’s National Land Agency “AgenciaTierras” will take over the usage rights as part of the country’s national initiative to augment blockchain capabilities for e-governance. Colombia aims to replace traditional systems that are inefficient and slow with progressive technologies in a bid to become more transparent for the everyday citizen.
The Ministry of Information and Communications Technologies (MinTIC) of Colombia had revealed about the digital land registry system at an event called “For a more digital State: Blockchain at the service of the public sector.” Carmen Valderrama, MinTIC’s Minister, labelled blockchain as a valuable asset for the country in the event.
Iván Durán, Vice President of MinTIC, had said blockchain allows “auditability, traceability and immutability of data; a series of characteristics that allow us to be an increasingly transparent State and guarantee the security of information.“
Colombia is one of the countries with the highest rate of crypto adoption. According to payment firm Triple-A, 80% of the people from the country are interested in cryptocurrencies, with about 7% already owning crypto assets.
Moving forward, the country might bring more such implementations of blockchain technology in the public sector.