Colombia Enlists Ripple To Put Land Titles on XRPL

Ripple has scored a big win after being chosen by the Colombian government to put land titles on their blockchain.
Ripple continues to forge ahead in development despite the SEC casting a dark shadow over its future.

Colombian leaders have enlisted Ripple Labs, the company behind XRP tokens to put land titles on the XRP Ledger (XRPL) a decentralized public blockchain. The South American country is seeking to establish equitable land distribution. The project will involve blockchain development companies Peersyst Technology and Ripple. The companies will be in charge of permanently storing and authenticating property titles on XRPL—Ripple’s public blockchain.

This. 👏 https://t.co/88n6P8YLK6

— RippleX (@RippleXDev) July 29, 2022

According to public data, Colombia has one of the most highly concentrated land ownership in the world. In fact, Colombia’s civil war (1964-2016) was rooted in the unequal distribution of land. Peersyst Technology CEO Ferran Prat stated;

Land is everything in Colombia,

This is what led to armed groups like the FARC starting a war with the government.

XRP struggles as SEC vs Ripple case weighs on it

For nearly two years, Ripple has been battling with the SEC over what it alleges are unregistered securities offered by the tech company. With the investors fleeing the digital asset and exchanges shunning it, XRRP has been under pressure and has thus far been unable to keep up with its peers.

The crypto community, as well as Ripple lawyers, have termed the SEC lawsuit as absurd accusing the watchdog of misuse of power. With the SEC only ruling out Bitcoin not being a security, the larger community has rallied behind Ripple, with a view that an attack on one is an attack on all. Most recently Ripple’s legal counsel took a shot at the agency after sharing this tweet.

The SEC argued in LBRY: "Even if a fraction of people" buy a token for "investment purposes, you’re in securities land." Does every jeweler now book a one way ticket to "securities land" because a "fraction" of their customers are “investing” in the oldest commodity – gold?! 1/3

— Stuart Alderoty (@s_alderoty) August 3, 2022

At the time of press, XRP is exchanging for $0.37. The digital asset has lost more than 90% of its value having reached an all-time high of over $3 about five years ago. Although the asset has held up well after the initial shock from the lawsuit, it has largely lacked any momentum since. With its peers pushing higher toward the end of 2021, XRP has slipped to 6th in rankings.