According to a tweet from Peersyst Technology based in Barcelona, Colombia, it has cooperated with Ripple Labs, the creator of the $XRP cryptocurrency, to store land documents on the blockchain. The effort comes amid a new push to make land certification and registration more transparent in the Latin American country.
Antony Welfare, a senior advisor at Ripple Labs, told Decrypt that when the XRPL (Ripple’s public blockchain) land document is stored, no entity can modify or delete it. According to Welfare, even if the government were to “explode,” the land records would still exist because they are stored on computers around the world using blockchain technology.
The issue of land rights in Colombia caused the longest-lasting civil war in Latin America, which begins in 1964 and continuing until 2016. Many owners are still occupying land which they have no certificate for, and the process of verifying that they own them is a problem. Ripple Labs’ plans to speed this up and add transparency to the situation.
The company will begin by issuing 100,000 land arbitration certificates. Ferran Prat, CEO of Peersyst Technology, added that placing the land documents on the blockchain should increase the confidence of landowners in the country as it should prevent the government or any other entity from illegally seizing land from them.
While Ripple XRPL is not as well known on the blockchain as its competitors Ethereum and Solana, developers are still building applications on it. The company also has a bit of a bad reputation, with the US Securities and Exchange Commission filing a complaint against it that is still ongoing.
Unusual use cases for Web3 Tech are on the rise
Colombia’s use of blockchain shows that there are other options for using Web3 technology besides the widespread use of digital currencies. Here are three Rarity Sniper stories covering how companies and groups are using another Web3 technology—fungible tokens—in innovative ways.
1- The British rock band Muse. It is announcing its ninth studio album as NFT, with copies available globally. The album will be the initial album in the new format to access the UK’s charts since 2015.
2- There is the NFL. During the last season, it experimented with sending game attendees NFT ticket stubs to commemorate the event. It was very successful that the league is expanding the schedule to contain 101 games in the next season.
3- Hennessy. Early 2022, this cognac-maker attached a real-life bottle of cognac to an NFT it was auctioning. The NFT also came with other perks, like a wooden box and some serving glasses.
Colombia’s use of the blockchain to verify land documents represents a positive step for technology and probably for the country. As the technology becomes more widespread, more appealing use cases will likely follow.