Legal expert Jeremy Hogan says the initiative to use the XRP Ledger (XRPL) in Colombia’s land registry system is a “huge” accomplishment.
Hogan claims the partnership between Colombia and XRP Ledger is the “perfect” use for blockchain technology as it makes the land registration system more efficient.
“So, although boring, the XRPL/Columbia partnership is the perfect example of crypto UTILITY.
An immutable (I love this word for some reason) record of land registration, timestamped, searchable, and inherently trustworthy – it’s the perfect use case for a blockchain ledger.”
The crypto legal expert says the land registration process is currently complicated, time-consuming and inefficient.
“Ponder how the transfer of land is accomplished. The purchaser/buyer must be noted, what title is being transferred, and the actual property being conveyed must be described.
And ALL that information must be filed with and kept in some searchable manner by the local government. If you’ve ever been to the Clerk’s office – it’s complicated as heck!
And the consequences for even small errors are catastrophic and can lead to YEARS of litigation.
To make things even more difficult, governments make laws that limit/restrict transfer of land and also impose taxes on property – making 1000% accurate registration all the more important.”
Blockchain developer Peersyst Technology announced last week that it had inked a deal with the Colombian government to deploy the XRP Ledger in the South American country’s land registry system. Peersyst Technology said it worked with payments firm Ripple on the asset registration and verification solution.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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