Columbia Is Now Using Ripple Blockchain For Land Deeds

By Kevin • August 2, 2022 7:35 pm • Comments

It was just announced that the Columbian government will be putting land titles on the XRPL which is Ripple’s public blockchain.

This will be done as part of a partnership between the government and Ripple where the goal is to rectify land distribution efforts.

The problem is a major issue for the country and the fact that an entire country is now trusting the XRPL blockchain to resolve the issue and host all the land titles is a major milestone that has been achieved by the blockchain company.

Trending: Ripple Spells Out Penalty Terms To SEC

The project will start off by certifying over 100,000 land adjudications and will ensure that records of who the land owners are will never get lost again.

DeCrypto.co reports:

Many land owners in Colombia still don’t have papers to certify ownership over parcels they inhabit, Ripple Labs added. The project will start by certifying more than 100,000 land adjudications.

“With the public blockchain, once the transaction is recorded, it can never be deleted,” added Antony Welfare, a senior adviser at Ripple Labs.

“That’s the most important part. If the government system is blown up, the owner of land will still be in a blockchain because it is held around the world in different nodes.”

Ripple is a blockchain that seeks to compete with Ethereum. It was originally launched to help banks and other financial institutions move money fast and without fees (while being very green)—and it still does that—but developers are using it to build applications.

As the XRPL blockchain continues to gain more and more prominence in South American countries like Colombia, this then places even greater importance to the digital asset that the blockchain uses for transactions which is XRP.

The achievement of this new milestone indicates that XRP is continuing to experience more adoption and growth on the international level despite the current lawsuit that the company has with the SEC where the agency is claiming that XRP is considered a security.

With land deeds now able to be put on the blockchain in Colombia, it may only be a matter a time before all other countries within South America follow this trend.

This makes sense as transactions on a blockchain can never be deleted while other digital systems are prone to destruction as a result of war.

TheCoinRepublic concludes:

Anthony Welfare—Senior Advisor Ripple Labs, said that when it comes to public blockchain, the transaction or data once recorded on the ledger, it is almost impossible to delete it. He said this feature could come handy given the situations in the country.

In any case, if the situation becomes worse and the judicial system collapses in any country, still the data present on blockchain will authenticate the property rights.

Prat said that being available on multiple nodes, the security and availability of data on blockchain is also ensured.

Ripple Labs said that it is common in Colombia that a lot of land owners do not have certification of their land ownership on paper. This initiative will be a great help for them and initially, the project is going to serve over 100K land settlements.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

 

Search ProCoinNews