A look at how Colombia is using blockchain technology to store and maintain records of its land deeds

Cryptocurrency isn’t the only use case for blockchains. Today, distributed ledger technology is implemented across industries and is changing many everyday processes.

Even governments have started to take notice and are turning to blockchain technology to secure, streamline and digitize traditional operations.

For example, Columbia recently announced its plans to maintain land ledgers on Ripple’s XRPL blockchain.

This move is a pilot for the further expansion of blockchain-based governance plans in the country.

Also read:

The land registry system was developed in collaboration with Barcelona-based blockchain development company Peersyst. The process is just an extension of the existing method. When someone applies for a land registry, a computer and camera are added to the photo verification process.

After confirmation, the collected data is added to an immutable hash on the blockchain. This data can be validated by a simple QR code.

The project may be a significant breakthrough for land registries in Colombia, one of the most densely populated countries in the world. In addition, Colombia has also suffered the effects of a long-running civil war that raged from 1964 to 2016.

In fact, one of the main causes of the unrest was the unequal distribution of land. “This

Fortunately, things could change drastically with the implementation of Ripple’s public ledger system. The long and winding lines and under-the-table hurdles may give way to a cleaner perception of Colombia’s governance that is faster and more efficient.

Once the land register details have been added, they cannot be tampered with or removed. This is the entire premise of blockchain technology. “That’s the most important part. When the system of government is blown up, the landowner is still on a blockchain because it’s held in different nodes around the world,” said Antony Welfare, a senior advisor at Ripple Labs.

This pilot project is being led by the Colombian Ministry of Information and Communication Technologies, which presented its plan at a Peersyst event entitled “For a More Digital State: Blockchain at the Service of the Public Sector”.

The land registry system will help more than 100,000 Colombians who do not have proper documentation of ownership of the land they currently live on.

Colombia is at the forefront of the blockchain revolution for several reasons, starting with the country’s high inflation rate. Averaging 8% per year, inflation has shifted public confidence from existing fiat currency to cryptocurrencies.

The country has one of the highest crypto adoption rates in the world, with most of the population seeing crypto as the future of money.

The second likely reason Columbia is bullish on blockchain technology is the rampant corruption that has washed away people’s trust. People will certainly support decentralization and the idea of ​​corruption-free processes.

This was one of the campaign promises made by the newly elected government.

As for the other developments regarding blockchain and crypto adoption in the country, Columbia has allowed partnerships between banks in the country and crypto exchanges. Bitcoin ATMs have become commonplace thanks to these partnerships.

And if this pilot project achieves the expected results, we can see many more world firsts of blockchain-based governance in the country. What has been applied to land registers can soon be used for birth certificates, death certificates, wills and other important documents.

A great outcome of this will be the involvement of the unbanked and underserved population.

Leave a Comment