Ripple labs will help Colombian leaders to put the land deeds on the blockchain using the Ripple ledger.
While buying land, one has to go through a long process of registering it. And, if it is unregistered for some reason, it creates an inevitable issue in the future.
The Colombian government has been talking with Ripple lab to put land titles on the blockchain. It is a part of the plan where the government seeks to rectify land distribution efforts that have led to decades of conflicts.
The project is being done in collaboration between blockchain development company Peersyst Technology and Ripple. They will permanently store and authenticate titles on Ripple’s Ledger, its public blockchain.
How will blockchain help?
Blockchain has multiple use cases, and building land deeds on it is one of them.
The South American nation has some of the world’s highest levels of land ownership concentration.
Colombian civil war is worth mentioning as it was the longest war fought over unequal land distribution with leftist guerilla groups taking up arms against the state.
Peersyst mentioned on Twitter, “Excited to share that we just put into production the first version of the national land registry together with Agencia Tierras and the support of Ripple, to register the first adjudication resolution in Colombia on XRPL.”
Many people in Colombia don’t have land papers to certify their ownership. So, to start with, the initiative will certify more than 100,000 land adjudications.
Antony Welfare, a senior advisor at Ripple labs, said, “With the public blockchain, once the transaction is recorded, it can never be deleted. That’s the most important part. If the government system is blown up, the owner of the land will still be in a blockchain because it is held around the world in different nodes.”
Ripple Labs is an American company that develops the Ripple payment protocol and exchange network.
It was built to help banks and financial institutions. Additionally, developers use its ledgers to build applications.
The land deed on the blockchain will help the government and landowners, as there will be no inequality, and everything will be transparent and saved for all the time to come.