As Colombia became the latest to integrate it into its government’s operations, the adoption of Blockchain technology in public services is gaining traction.
Colombia has announced that its National Land Agency will begin using a digital land registry system built on Ripple’s XRPL Blockchain. The Blockchain solution was developed within a year by Ripple, and its partner, Barcelona-based Peersyst Technology, to accelerate blockchain adoption.
With the latest development, users can host digital assets on the XRPL Blockchain, which can register over 100,000 contracts. Once an asset is uploaded to the system, a QR code will automatically authenticate it.
The government is faced with reoccurring land issues and the inability to address the registration challenges. And the coming onboard of the Blockchain solution will help the government deliver on its pledge for efficient registration.
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Colombia’s Crypto Adoption
The South American nation is one of the few countries with widespread cryptocurrency adoption. Due to high inflation in the country, Colombians found crypto, an alternative to their country’s fiat currency. The April 2022 data on crypto adoption placed Colombia in the 15th spot with an inflation rate of 8.01%, one of the highest.
In addition, cryptocurrency users in Colombia made up 6.14% of the entire population, or approximately 3.1 million.
Furthermore, as per Gemini’s 2022 report on the global state of cryptocurrency, 56% of Colombian citizens see digital assets as the future of finance. There are also many female investors in the Colombian crypto space.
The regulation of the digital asset industry in Colombia is quite commendable. Crypto exchanges work alongside banks in what is seen as a harmonized regulatory framework for digital and traditional financial service providers.
Ripple on the Rise
Amid the current crypto market bloodbath, Ripple has emerged unscathed and unruffled. The company has experienced tremendous growth and stability as the market storm rages on.
In the early phase of the bear period, the CEO of Ripple, Brad Garlinghouse, reveals the company’s inclination to acquisition and partnership as its next step.
Garlinghouse believes that the crypto market could recover from the setback and that Ripple would take the chance to buy more once the storm is over.
Despite not putting pen to paper on an M&A deal, Ripple seeks global expansion. Last month, the company announced opening its new base in Toronto, Canada. The Toronto office is an engineering-based establishment and is set to hire 50 developers, not minding the sacking spree going on in the crypto space.
The land registry system is one of Ripple’s innovative solutions to help public and private institutions elevate their operations.
Garlinghouse further revealed that the Toronto office is the engineering center of Ripple, tasked with developing real-time solutions. The development team will dedicate time to integrating this solution to impact emerging global problems.
Commenting on the impact of the market on Ripple’s expansion, Garlinghouse disclosed that this is a temporary phenomenon that will pass. He added that Ripple would utilize its relative stability to forge ahead no matter the challenges.