Such initiatives would prove the potential of Blockchain ahead of just transactions.
Blockchain was started treated as a digital ledger that could support other operations without being limited only to transactions. Given the use cases of blockchain, the Colombian government initiated the program to register the land deeds on blockchain. They have assigned Ripple Lab for their initiative.
Along with Ripple, Peersyst Technology is also behind the project of putting ownership documents on blockchain. This project will facilitate the services like permanently storing and authentication of property titles belonging to the residents. This will be taking place on Ripple’s own public blockchain, Ripple’s ledger.
Such initiatives in the region like Colombia would come as a much required solution. Given the region has witnessed a lot of conflicts, that even leads to armed conflicts. Part of this plan will also resolve the current issues in land distribution. Also, the potential problem in the country is inequality and highly concentrated land ownership in the world.
Ripple Labs and Peersyst Technology said that this initiative will reduce the participation of bureaucracy in the process. They also anticipate that after this, the land distribution might become more uniform.
CEO Ferran Prat—Peersyst Technology, said that for Colombian residents, their land is everything. He said that they even started war against the government after forming the armed groups due to such issues. This makes such initiatives crucial for Colombia as it will ensure the elimination of land ownership wrongfully. Prat added that immutable and decentralized advantages of blockchain are going to help a lot here.
Anthony Welfare—Senior Advisor Ripple Labs, said that when it comes to public blockchain, the transaction or data once recorded on the ledger, it is almost impossible to delete it. He said this feature could come handy given the situations in the country. In any case, if the situation becomes worse and the judicial system collapses in any country, still the data present on blockchain will authenticate the property rights.
Prat said that being available on multiple nodes, the security and availability of data on blockchain is also ensured. Ripple Labs said that it is common in Colombia that a lot of land owners do not have certification of their land ownership on paper. This initiative will be a great help for them and initially, the project is going to serve over 100K land settlements.
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