XRP Milestone Is Much Bigger Than Expected

Ripple and XRP have been making a lot of headlines lately. Check out the latest reports that involve XRP below.

Legal expert Jeremy Hogan says the initiative to use the XRP Ledger (XRPL) in Colombia’s land registry system is a “huge” accomplishment.

He made sure to highlight the fact that the partnership between Colombia and XRP Ledger is the “perfect” use for blockchain technology as it makes the land registration system more efficient.

“So, although boring, the XRPL/Columbia partnership is the perfect example of crypto UTILITY.”

H continued and said the following:

“An immutable (I love this word for some reason) record of land registration, timestamped, searchable, and inherently trustworthy – it’s the perfect use case for a blockchain ledger.”

The crypto legal expert says the land registration process is currently complicated, time-consuming and inefficient.

“Ponder how the transfer of land is accomplished. The purchaser/buyer must be noted, what title is being transferred, and the actual property being conveyed must be described.”

He also continued and said:

“And ALL that information must be filed with and kept in some searchable manner by the local government. If you’ve ever been to the Clerk’s office – it’s complicated as heck!”

He made sure to highlight the fact that “the consequences for even small errors are catastrophic and can lead to YEARS of litigation.”

He believes that in order to make things even more difficult, governments make laws that limit/restrict transfer of land and also impose taxes on the property.

This is making 1000% accurate registration all the more important, according to his opinion.

Back in June, in a previous article, we reported that Ripple is launching an innovation challenge aiming to promote the development of XRP Ledger (XRPL) apps for central bank digital currencies (CBDCs).

According to the contest page, entrants can submit projects to three categories: interoperability, retail-facing, and financial inclusion.

The contest rules note the following: interoperability projects should involve solutions that help CBDCs bridge with other digital assets, including non-fungible tokens (NFTs) and stablecoins. In order to learn more details about this, we suggest that you check out our previous article.