A partnership between the Colombian government and Ripple Labs to put land titles on the blockchain appears to have stalled after the project was “de-prioritized” by the new administration.
The project was announced by the current government’s Ministry of Information Technology and Communications two weeks before new President Gustavo Petro takes office.
In the year According to a report from Forbes on August 30, the interim director of the National Land Agency, Juan Manuel Noriega Martinez, said that the project is not part of the agency’s 2022 strategic priorities.
“This is not one of the projects mentioned in PETI. [Strategic Plan for Information Technologies]”
The change comes as a surprise as Colombia’s new president is considered friendly to cryptocurrencies and has previously tweeted his support.
And what if the Pacific Coast uses the steep falls of the western mountain range rivers to generate all the power of the coast and replace cocaine with the energy of cryptocurrencies?
Virtual currency is pure information and therefore energy. https://t.co/65xdN2whuO
— Gustavo Petro (@petrogustavo) October 2, 2021
This partnership, Colombia’s National Land Agency, Ripple, and software development firm Peerst Technology aims to improve property search processes on the blockchain, create transparent and cheap property rights management, and promote real estate with a more efficient process of financing and payments.
In the year The 2016 peace accord that officially marked the end of the Colombian conflict was a directive to formalize property ownership certificates for small and medium-sized rural properties. In the year According to a 2013 report, only one in two smallholder farmers have formal rights to their land.
This lack of formality prevents farmers from investing in land and land is not used as collateral when seeking loans. A blockchain ledger for real estate aims to solve this by providing landowners with security and an incentive to invest in their property.
Related: Real Estate Leading Secure Blockchain Assets in 2022 – Report
The record started on July 1 He tweeted. With Peersyst Technology, after being in development for almost a year.
On July 30, Peersyst tweeted that it was the first act Added To the ledger, the land certificate looks like any other except for the QR code that verifies the certificate on the blockchain. The QR code can be used by anyone to find the location of the asset document on the XRP blockchain.
There are no further updates regarding the joint project. Cointelegraph contacted Ripple Labs seeking comment on any development but did not hear back immediately.