Peersyst, a Barcelona-based company specializing in building blockchain solutions for governments and enterprises, has launched Columbia’s first blockchain-based National Land Registry, built on top of Ripple’s XRP Ledger.
The XRPL is a decentralized, open-source, and public blockchain, on which anyone can build applications. The digital asset XRP is the native token used to transfer value on the XRPL.
Peersyst reported that the pilot project will allow the Agencia Nacional de Tierras or the National Land Registry of Columbia to register property transactions on the XRP Ledger. The title or ownership can then be verified simply by scanning a QR code.
Blockchain and the transfer of property
Governments around the world are looking to distributed ledger technology (DLT) and blockchain as a solution to costly and time-consuming conveyancing processes. There is overwhelming evidence that migration to blockchain or DLT would be the best way to significantly increase efficiency and transparency while reducing costs and timelines associated with property transactions.
For example, in 2019, the UK Land Registry’s “Digital Street initiative” collaborated with a number of other parties and built a prototype on DLT platform Corda. This system allowed for the digital transfer of property, which automatically updated the land registry. The use of the Corda prototype reduced the transaction time from 22 weeks to 10 minutes.
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