A partnership between the Colombian government and Ripple Labs to hold land title on the blockchain appears to have stalled after the new administration “deprived” the project.
The project was initially announced by the outgoing government’s Ministry of Information Technology and Communications two weeks before newly elected President Gustavo Petro was sworn in.
According to a Forbes report on August 30, Juan Manuel Norega Martínez, interim director of the National Lands Agency, said the project is not part of the agency’s strategic priorities for 2022, stating:
“This is not one of the projects defined in PETI [Strategic Plan for Information Technologies],
The change is surprising as the new Colombian president is known to be crypto-friendly, having previously tweeted his support for them.
Y que tal que el litoral pacífico aprovechara las caídas de alta pendiente de los rios de la cordillera ocidental para producir toda la energía del litoral y reemmplazar cocaína con la energía para las criptomonidas?
La moneda virtual s complete information and tanto energia. https://t.co/65xdN2whuO
— Gustavo Petro (@petrogustavo) 2 October 2021
The partnership, which includes Colombia’s National Land Agency, Ripple and software development firm PeerSist Technology, aims to enable real estate on the blockchain to improve asset discovery processes, create transparent and affordable property title management, and more efficient processing of financing and payments. to mark.
Within the 2016 peace agreement, which officially marked the end of the Colombian conflict, there was a directive to formalize property titles for small and medium rural estates. According to a 2013 report, only one in every two small farmers has a formal right to their land.
This lack of formality prevents farmers from investing in land and from using the land as collateral while seeking loans. A blockchain ledger for real estate aims to solve this by providing landlords with security and incentives to invest in their assets.
related: Real estate to lead secure blockchain assets in 2022 – report
Registry was started on 1st July tweeted By Peersyst Technology, after one year in development.
On July 30, Peersyst tweeted that the first work had been done. couple In the ledger, with a land certificate looking like any other except for a QR code verifying the certificate on the blockchain. The QR code can be used by anyone to trace the location of a property deed on the XRP blockchain.
No further updates have been made regarding the joint project. Cointelegraph has contacted Ripple Labs for comment on any progress, but did not hear an immediate response.
