Columbia has integrated a digital lang registry system built on Ripple's XRPLBlockchain into its National Land Agency. The solution was built in a year by the joint efforts of Ripple and its partner Peersyst Technology.
It will allow digital assets to be registered on the XRPLBlockchain. It is estimated that the system could register more than 100,000 contracts in the near future. The uploaded assets will be authenticated through a QR code.
The new solution aims to solve the county's land issues and the low confidence in authorities.
Colombia is one of the countries with the highest adoption of cryptocurrencies. High inflation in the country has been one of the factors that pushed Colombians towards cryptocurrencies.
According to the data from April 2022, Colombia is ranked as the 15th country with the highest inflation with an 8.01% inflation rate. The total population of criptocurrency is 6.14%, equal to 3,1 million Colombians.
According to Gemini's 2022 Global State of Cryptocurrency report, 56% of Colombians think thatcryptocurrencies are the future of money. There is a large amount of female investors in the country. A March 2022 survey also points out that Colombia has a positive sentiment towards the metaverse.
Colombia has a number of exchanges working side to side with banks on the regulatory side. In February 2021, the country authorized alliances between banks and cripto exchanges. More than 10 partnerships have been established since then, while a vast network of Bitcoin ATMs has grown in the country.
Ripple is an exception, despite the fact that most companies have a hard time keeping pace with market conditions.
In the early days of the bear market, Ripple CEO Brad Garlinghouse talked about the company's tendency to lean more towards mergers acquisitions. Garlinghouse said he expected the market to evolve towards M&A and that Ripple would be on the buying side once it did.
The company has expanded to Canada, although it didn't sign an M&A deal yet. On June 24th, Toronto, Ripple announced its new Toronto office. The engineering-focused office intends to employ 50 developers despite the firing trend in the space. The land registry system in Colombia will be developed by the new office and will be used to develop more innovative solutions.
Garlinghouse said he was announcing the launch of the new office.
Garlinghouse is clear that the winter will pass, but he didn't hesitate to remind his followers as well. He posted a thread on his Twitter account on June 14, saying :