A partnership between the Colombian government and Ripple Labs to put property titles on the blockchain appears to have stalled after the project was “deprioritised” by the new administration..
The project was initially announced by the outgoing government’s Ministry of Information Technology and Communications just two weeks before the newly elected president, Gustavo Petro, took office..
According to a Wednesday report from Forbes, the Acting director of the National Land Agency, Juan Manuel Norway Martinez, said the project is not part of the agency’s strategic priorities for 2022stating:
“This is not one of the projects defined in the PETI [Plan Estratégico de Tecnologías de la Información]”
The change is somewhat surprising, considering that the new president of Colombia is considered friendly towards cryptocurrencies. and has already tweeted his support for them.
And what if the Pacific coast took advantage of the steep falls of the rivers of the western mountain range to produce all the energy of the coast and replace cocaine with the energy for cryptocurrencies?
Virtual currency is pure information and therefore energy. https://t.co/65xdN2whuO
– Gustavo Petro (@petrogustavo) October 2, 2021
The alliancein which the National Land Agency of Colombia, Ripple and the software development company Peersyst Technology participated, aimed to tokenize real estate on the blockchain to improve property search processes, create transparent and cheaper title management, and more efficient processing of financing and payments.
Within the 2016 peace agreement that officially marked the end of the Colombian conflict, there was a directive to formalize the property titles of small and medium-sized rural properties.. According to a 2013 report, only one in two small farmers have formal rights to their land.
This lack of formality discourages farmers from investing in land and prevents it from being used as collateral when applying for credit.. A blockchain ledger for real estate aimed to fix this by providing landowners with security and an incentive to invest in their properties.
The record launched on July 1, according to tweeted Peersyst Technology, after being in development for a year.
On July 30, Peersyst tweeted that the first deed had been added to the accounting book; the ownership certificate looks the same as any other, except for the QR code embedded in it that verifies the certificate on the blockchain. The QR code can be used by anyone to find the location of the ownership deed on the XRP blockchain.
There have been no further updates related to the joint project. Cointelegraph has reached out to Ripple Labs for comment on any progress, but has not received an immediate response.
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