DiarioBitcoin interviewed Ferran Prat, CEO of Peersyst , the company that has worked together with the Colombian National Land Agency to present the new prototype.
- A new prototype for land registration in Colombia was presented.
- It is a joint work between the National Land Agency y Peersyst.
- The CEO of Peersyst offered exclusive details to DiarioBitcoin .
LaAgencia Nacional de Tierras of Colombia and the solutions provider Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. ,PeersystThe new protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. for land registration, based on the technology underlying digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies, was presented.
The presentation took place during an event celebrated by the Ministry of Information Technologies and Communications of Colombia better known as MinTIC, in June, in which it announced the launch of the second version of its reference guide for technology adoption. Blockchain in the public sector.
During this meeting, representatives of various entities also met and made several announcements of interest related to the integration of blockchain solutions in Colombia.
A new prototype for land registration in Colombia
Among these was the announcement made by theAgencia Nacional de Tierras and the team ofPeersyst, who worked together on the development of a new prototype for land registration based on the Blockchain. The model constitutes a revised and updated version with respect to the first product of its kind made in 2018, which was developed by the government agency hand in hand with the team from the InTIColombia Group.
Following more or less the same line of the first prototype, this new product aims to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the process for the registration of land with technology Blockchain, precisely by taking advantage of its properties in terms of immutability, transparency and decentralization the handover of control from a central authority to several different custodians. in such a sensitive issue as land ownership.
It is worth noting that this has been a particularly complex problem to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. through traditional mechanisms, precisely because the physical records are vulnerable in several respects, hand in hand with the economic and social conflicts linked to the claim and possession of agrarian spaces.
Interview with CEO dePeersyst
To find out more about this new prototype for the Land Registry , DiarioBitcoin interviewed the CEO ofPeersyst, Ferran Prat, who shared some interesting information about this work carried out together with the National Land Agency revealing details about its operation and the course to follow for its official implementation.
– Tell us a little bit a bit is a basic unit of information in computing. about the agreement between Peersyst y la National Land Agency How did you become the people responsible for the development of the new version of the prototype?
The agreement was brokered through the pilot experimentation pilot Blockchain that launched the Ministerio TIC of Colombia in 2021, where we participate as one of the technology supplier companies.
Within this pilot, an initial phase was established where three entities participated seeking to participate in it, and where we chose to take on the challenge of the National Land Agency s for the knowledge and experience we had with this type of solutions, a sector in which we had already implemented several technologies internally and with some customers for the issue of file and asset certifications.
In addition, the registration of properties in Blockchain is a known use case within the industry for many years, and we had formally defined potential solutions to this type of problem as far back as 2018, so it was a case we could go into with a very robust solution.
– At the event they mentioned that they took the basis of the previous work that had been done with the group InTIColombia Which aspects are preserved and which have changed?
In reality, none of this previous work was retained from a technological point of view, as the platform a place to buy, sell and store cryptocurrency was made completely from scratch with our technology and the integration with the Blockchain deRipple.
The truth is that we never saw the solution that was implemented at the time, so I assume that the solution will be completely different because we know that at the time it was developed with the network a network refers to all nodes in the operation of a blockchain at any given moment in time. of Ethereum a decentralized open-source blockchain with smart contracts functionality. and with a system of nodes between different entities. However, the fact that the agency had already participated in a similar experience before and already knew its advantages and disadvantages surely helped to move forward much faster and in the right way.
– One of the most notable differences with respect to the previous prototype is that it previously used the Ethereum Why did you decide to use the Ripple? What are the operational benefits of this change?
This is a very good question. There are actually several reasons for implementing such a change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. that are substantially important.
The first of all, as many may think, is because of the costs. The network of Ethereum has too high fees that make it impossible for many companies and institutions to use it. Especially in the public sector, resources have to be optimized and very well justified in addition to adding value always greater than their cost.
In the case of the public network of Ethereum, The costs of the fees are extremely high, they can also be very volatile and difficult to prospect in the medium/long term, and the scalability of your transactions is insufficient for the use case due to the high competition and demand in your fee market. With the Blockchain de XRPL we can issue approximately 150,000 certificates for less than USD $1, whereas in Ethereum you can easily be paying USD $25 – 30 per certificate. This is 4.5 million times cheaper and optimal.
On the other hand, infrastructure. Ethereum often involves setting up your own nodes that consume resources and require much more dedicated maintenance or using a third party service. This is the reason why the project was cancelled last time. The infrastructure for the project withRipple is much simpler and virtually cost and maintenance free.
Finally security. The Blockchain de XRPL uses native functionalities with which to develop these use cases. This means that although it does not allow the development of as much logic as the smart contracts of Ethereum, the code the action of coding is to write programming statements for a program. used is one hundred percent secure. Therefore, by not having to support this virtual machine and being able to solve the use case anyway, the costs are much lower, the infrastructure much lighter, the scalability much higher and the security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. is not exposed with possible errors. In addition,Ripple has been on the market an area or arena, online or offline, in which commercial dealings are conducted. since 2012, before Ethereum, so from a technological point of view it is even safer and more resistant.
– What is the current stage of product development, and are there any plans for implementation in the short/medium term?
The development is currently ready and going into production. As the National Land Agency already had previous experience and knowledge and the use case was very well defined, we were able to implement a solution already directly in production and on the mainnet an independent blockchain running its own network with its own technology and protocol. of XRPL.
Over the next few weeks, the team of the Agencia in its use and very soon we will be sharing the first records from the public browser of the network. Looking forward to the next steps, we are still in contact and working with the National Land Agency with whom you can extend the functionality of the product and better integrate it with your existing tools.
– Finally, are there any other projects in which you Peersyst Are you working with any public/private entity in Colombia? What can you tell us about it?
In the last event we had the honor of renewing our participation of the pilot Blockchain for another year with the MinTIC, so we are sure to work in more entities in the country. After the success of the first phase, dozens of entities have shown their interest and participation in the pilot so we will be offering the same services this year with other use cases.
Our main focus and interest is now going to be payment systems, being these the strongest and most comprehensive product ofRipple and with which we will be able to generate a greater impact in the medium term. For this reason, we are already actively working with the Ministry of Finance in this second stage and talking with the Bank of the Republic to use this testing space as efficiently as possible.
Similarly, we are also moving forward very rapidly with other countries in the region both with Central Banks as Governments in an effort to position ourselves as a reference in consulting and implementation. Blockchain for public entities in Latin America.
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- MinTIC Colombia publishes second version of the guide for Blockchain adoption at the state level
Interview conducted by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash