Monday, June 17, 2024
HomeMiscellaneousColumbia Unveils Guide for Implementing Blockchain for Public Projects

Columbia Unveils Guide for Implementing Blockchain for Public Projects

Colombia has already identified some of the issues that blockchain technology has the potential to tackle.

Colombia’s Ministry of Information Technologies and Communications, MinTIC, has produced a roadmap guide outlining the steps to using blockchain in state-level initiatives. The document explains blockchain and its fundamental components and outlines the standards that particular projects should adhere to, based on their own requirements.

The document guide, which is published in Spanish, is titled “Reference Guide for the Adoption and Implementation of Projects with Blockchain Technology for the Colombian State.” It discusses the fundamentals of blockchain and the several enterprises that might profit from using blockchain technology. Furthermore, it stipulates that such implementations will be governed by national laws. The document states, “A blockchain technology project in the public sector requires a detailed review of the requirements of the general challenge to be resolved and the usability of the distributed database depending on the project type.”

The guide also suggests that the country’s current legal system, which requires state entities to abide by what is expressly established in Colombian law, should apply to the implementation of this technology. 

The ministry also made reference to some earlier blockchain-related projects. In more detail, they include the partnership between the Bank of Colombia and R3 to use Corda for various settlement cases, as well as RITA, a network created by a national university that uses blockchain to secure and verify the authenticity of academic diplomas.

Recently, MinTIC announced a new use case for blockchain technology that aims to help people who require their own land certificates. The project will use the Ripple Ledger (XRP Ledger) as a base to register and confirm the legitimacy of these certificates. It was recently finished by a third-party business called Peersyst Technology. With the aim of quickly distributing 100,000 of the certificates to land owners, the project aims to hasten the process of issuing these land documents.

Also Read: JPMorgan identifies new use for Blockchain in Trading and Lending

This is not Columbia’s first venture in the world of blockchain. Last year, the Central Bank of Colombia (Banco de la República), IDB Group, and Banco Davivienda piloted Colombia’s first blockchain bond. According to a public announcement from Banco de la República, the bond would be issued, placed, traded, and settled over blockchain technology using smart contracts for the Colombian securities market.

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Preetipadma K
Preetipadma K
Preeti is an Artificial Intelligence aficionado and a geek at heart. When she is not busy reading about the latest tech stories, she will be binge-watching Netflix or F1 races!


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