Colombia implements use of blockchain technology in the National Land Registry

Inspenet.

Published: July 6, 2022

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By: Franyi Sarmiento, Ph.D., Inspenet, July 6, 2022

In a recent initiative through a collaboration of the Colombian National Land Agency, the Ripple blockchain and Peersyst Technology, the “National Land Registry” has been created with the objective of developing the XRP Stamp protocol (xrpstamp.com) through which it will be possible to register assets in the XRPL public blockchain and verify their authenticity using a QR code.

This project seeks to digitize property registries in Colombia. Peersyst Technology estimated that “more than 100,000 awards could be registered in a short period of time”. This initiative has the participation of Colombia’s Digital Government Office and the Ministry of Information and Communication Technologies (MinTIC).

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In addition, another advantage of this solution is that, according to its proponents, it aims to improve land registration problems in Colombia. On this point, the head of the MinTIC, Carmen Ligia Valderrama Rojas, expressed that “the blockchain technology on which the project is based will shield the land award certificates, thus providing more security to the titling process”.

Recently, the Government of Colombia has encouraged the development and implementation of various projects related to cryptocurrencies and blockchain, thus placing the country as one of the leaders in the South American region. In April 2021, the Colombian government authorized alliances between banks and cryptocurrency platforms.

Since then more than ten such associations have been established, a network of cryptocurrency ATMs has also emerged in the country. On the other hand, the MinTIC presented a few days ago the second version of the reference guide that will be used to implement projects with blockchain technology at the state level. There is also an exercise in applied innovation, developed by the Rural Agricultural Planning Unit and the Sabra Group, with the objective of managing the traceability of panela prices and production.

This material from the CoinTelegraph portal was edited for clarity, style and length.

Source: https://es.cointelegraph.com/news/the-government-of-colombia-initiates-the-national-land-registry-implementing-the-use-of-blockchain-technology