Colombia’s government has launched a partnership with Ripple Labs, the company behind the cryptocurrency XRP, to put land titles on the blockchain, part of a plan to reform land distribution efforts so unfair that they have spent decades. gave rise to armed conflict.
The project, created by blockchain development company PeerAssist Technology and Ripple, will permanently store and authenticate asset titles on Ripple’s Ledger—its public blockchain.
This will help eliminate bureaucracy and hopefully make land distribution more equitable, Ripple Labs and Peersist Technology reported. decrypt,
Why would the Colombian government want to do this? Because land ownership in the South American country is one of the most concentrated in the world.
Colombia’s civil war, the longest-lasting war in the Western Hemisphere, was rooted in the unequal distribution of land, from 1964 to the 2016 peace deal, with left-wing guerrilla groups taking up arms against the state.
“Land is everything in Colombia,” Ferran Pratt, CEO of PeerSist Technology, told Decrypt. “That’s what led such armed groups” Fark Starting a war with the government. ,
“The point is that land is important in Colombia, so there is a need for a system that ensures that the land is not taken the wrong way,” he said. “Putting information into a public blockchain that cannot be changed or changed will help.”
Ripple Labs said that many landowners in Colombia still do not have papers to prove ownership on the parcels they live in. The project will begin by certifying over 100,000 land awards.
“With public blockchains, once a transaction is recorded, it can never be deleted,” said Antony Welfare, a senior consultant at Ripple Labs. “This is the most important part. If the government system is blown up, the owner of the land will still be in a blockchain as it is held in different nodes around the world.”
Ripple is a blockchain that seeks to compete with Ethereum. It was originally introduced to help banks and other financial institutions transfer money faster and without fees. very green) – and it still does so – but developers are using its ledger to build applications.
Blockchain is the company behind Ripple Labs controversialIn 2020, the SEC Beat It followed with a $1.3 billion lawsuit alleging that it had raised that amount in an unregistered securities offering since 2013. is sued still going on,