Ripple, a leader in enterprise blockchain and crypto solutions, announced yesterday its collaboration with the Banco de la República, Colombia’s Central Bank, to explore blockchain technology use cases.
The Central Bank in conjunction with The Ministry of Information and Communications Technologies (MinTIC) will pilot use cases that will enhance Colombia’s high-value payment system using Ripple’s CBDC Platform, powered by the XRP Ledger (XRPL), an energy-efficient and open-source blockchain. This pilot will be developed as part of the third phase of experimentation of blockchain led by MinTIC.
Under the guidance of the Directorate of Digital Government, MinTIC, the project will run through the end of 2023. The goal of the third phase of MinTIC’s experimentation of blockchain will be to educate national and territorial public entities through interactive and collaborative real-world application experiments of how blockchain technology’s unparalleled speed, scalability, and transparency can revolutionize payment systems and data management. Developed with these key capabilities, Ripple’s CBDC Platform, an end-to-end solution for central banks, will be experimented and tested in a controlled environment without compromising public resources.
Highlighting the significance of this project, Minister Mauricio Lizcano, ICT Minister, emphasized, “Potential efficiencies can be evaluated through the results obtained in the development of a solution with Blockchain technology, which manages to improve and complement the processes in the entities in a safe and efficient way. In addition, it will provide a technological solution (Prototype), which will allow simulations of different use cases in the high-value payment system.”
“The Banco de la República in Colombia and MinTIC forward-thinking on blockchain innovation will unlock new ways organizations operate in the digital era,” said James Wallis, VP of Central Bank Engagements and CBDCs. “By harnessing the power of the Ripple CBDC Platform, based upon the XRPL, this project will pave the way for transformative advancements in the utilization of blockchain technology within the public sector. This partnership showcases our commitment to driving innovation and efficiency, ultimately empowering public entities to unlock the full potential of secure and transparent transactions.”
Ferran Prat, CEO of Peersyst Technology, has also highlighted: “Our partnership with MinTIC as a reference technology firm for the implementation of blockchain technology in Latin America requires us the most demanding criteria when selecting technologies. In the case of payments and technology for central banks, Ripple is a benchmark leader in the industry and one of the best allies to apply the potential of its large-value payment system’s technology at Banco de la República.”
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