A collaboration between the Colombian government and Ripple Labs to enforce land titles on the blockchain appears to have stalled after the project was deprioritized by the new administration, as Cointelegraph reported.
According to Cointelegraph, the initial announcement of the project was made by the outgoing government’s Ministry of Information Technology and Communication two weeks before newly elected President Gustavo Petro was sworn in. According to a report by Forbes, Juan Manuel Nourega Martinez, acting director of the National Lands Agency, said the project was not among the agency’s strategic priorities for 2022. “It is not one projects defined in the PETI [Strategic Plan for Information Technologies]”, Martinez said.
Based on information from Cointelegraph, the partnership, which included the Colombian National Land Agency, Ripple, software development company Peersyst Technology aimed to tokenize real estate on the blockchain to improve property search processes, creating less expensive and transparent title deed management, and efficient finance and payment processing. With a peace agreement in 2016, it marked the end of the Colombian conflict to formalize the title deeds of small and medium rural properties. According to a 2013 report, only one in two farmers received formal rights to their land. With a lack of formality preventing farmers from investing in land, a blockchain-based ledger aimed to solve this problem by providing landowners with security and reason to invest in real estate.
Additionally, Cointelegraph noted that the ledger launched on July 1, as tweeted by Peersyst Technology, after being in development for a year. On July 30, Peersyst tweeted that the first deed had been added to the ledger, with the land certificate embedded with a QR code to verify the certificate on the blockchain. The QR code could be used by anyone to find the location of the deed on the XRP blockchain. No further updates have been released regarding the joint project.
(With information from Cointelegraph)
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