The government of the Republic of Colombia has announced a new accounting system that will allow the use of crypto technologies to store and authenticate land titles.
Peersyst Technology, developer of a technology solution for Colombia’s National Land Registry’s land registry certificate system, announced on Twitter that the system is now in commercial use for more than 50 million people in the country.
The new ownership certificate accounting system is implemented on Ripple blockchain technologies. This will allow using the XRP Ledger to issue and store certificates for land plots, as well as perform authentication without involving third parties in the process.
At the initial stage of implementation, the National Land Registry will be able to regularize the status of more than 100,000 landowners who still do not have documents certifying the ownership of the plot under the housing. Peersyst Technology announced that the first phase of the implementation of the system of registration of court decisions on land issues should show the Colombian authorities the advantage of blockchain.
Medici Land Governance (MLG), a subsidiary of Overstock Medici Ventures, has entered into an agreement to transfer cadastral records to the blockchain in the US state of Wyoming. And the National Land Survey of Great Britain is considering the possibility of using blockchain technology to maintain a land registry.