Colombian Property Title" project on XRP Ledger to soon halt
It looks like a project to store and authenticate Colombian property titles on the XRP Ledger will soon come to a halt, as the new government is focusing on other things.
The partnership between the Colombian government and Ripple Labs to put land titles on the blockchain appears to have stalled. This is unfortunate news, as the project had the potential to help streamline the process of registering and transferring ownership of land titles. However, it appears that the new administration has deprioritized the project, and it remains to be seen whether or not it will be revived in the future.
The project was announced by the outgoing government's Ministry of Information Technology and Communications just two weeks before the newly elected president Gustavo Petro was sworn into office. Petro has said that he wants to increase connectivity and access to information for all Colombians, and this project is a step in that direction.
The National Lands Agency's interim director, Juan Manuel Noruega Martínez, has reportedly said that the agency is not prioritizing the project for 2022. This is a disappointing development for those who had hoped to see the project move forward.
“This isn’t one of the projects defined in the PETI [Strategic Plan for Information Technologies]”
It is surprising that Colombia is now shifting its stance on cryptocurrencies, considering that its new president is thought to be friendly toward them. This change could have a major impact on the future of cryptocurrencies in the country.
¿Y que tal que el litoral pacífico aprovechara las caídas de alta pendiente de los rios de la cordillera occidental para producir toda la energía del litoral y reemplazar cocaína con la energía para las criptomonedas?
— Gustavo Petro (@petrogustavo) October 2, 2021
La moneda virtual es pura información y por tanto energía. https://t.co/65xdN2whuO
The partnership between Colombia's National Land Agency, Ripple, and software development firm Peersyst Technology is aimed at tokenizing real estate on the blockchain to improve property search processes, create transparent and cheaper property title management, and more efficient processing of financing and payments. This is a very positive development that could potentially revolutionize the real estate industry, making it more efficient and accessible for everyone involved.
It is estimated that only half of all small farmers in Colombia have formal rights to their land. This issue was addressed in the 2016 peace agreement, which included a directive to formalize property titles for small and medium rural properties. Formalizing land ownership is a crucial step in ensuring that farmers can hold onto their land and livelihoods, and it is encouraging to see the Colombian government taking action on this issue.
A blockchain ledger for real estate could provide landowners with security and an incentive to invest in their property. This would potentially solve the problem of lack of formality that deters farmers from investing in lands and prevents land from being used as collateral when seeking credit.
The launch of the registry is a great step forward for Peersyst Technology. After a year in development, the registry is now live and available to the public. This will allow users to find and connect with other users more easily, and will help to improve the overall experience of using the Peersyst platform.
The future of property ownership is here! With the first deed added to the ledger, anyone can now verify the certificate on the blockchain using a QR code. This makes it easier than ever to find and track property ownership information. With this new technology, we can expect a more efficient and secure system for property ownership.
It is unclear at this time whether or not the joint project between Ripple Labs and Cointelegraph is still ongoing. Cointelegraph has reached out to Ripple Labs for comment, but has not yet received a response.
