Ripple , the leader in enterprise blockchain and crypto solutions, announced its collaboration with Banco de la República, the central bank of Colombia, to explore blockchain technology use cases.
The Central Bank in conjunction with the Ministry of Information and Communications Technologies (MinTIC) will validate use cases enhancing Colombia’s large-value payment system using Ripple’s CBDC Platform , based on XRP Ledger (XRPL), an open-source, energy-efficient blockchain. This pilot project is being developed as part of the third phase of testing blockchain technology, led by MinTIC.
Led by the Directorate of Digital Government, MinTIC, the project will extend to the end of 2023. The objective of the third phase of testing blockchain technology is to guide national and regional public institutions through interactive and collaborative practical application experiments on how the unprecedented speed, scalability and transparency of blockchain technology can revolutionize payment systems and data management. Because of its development using these key capabilities, Ripple’s CBDC Platform, an end-to-end solution for central banks, is tried and tested in a controlled environment without compromising public funds.
Mauricio Lizcano, ICT Minister, highlighted the importance of this project: “The efficiency potentials can be evaluated through the results obtained in the development of a solution using blockchain technology, capable of transforming the procedures in the Improve and complement facilities in a safe and efficient manner. In addition, it will provide a technological solution (prototype) that will enable simulations of different use cases within the framework of the large-value payment system.”
“Banco de la República in Colombia and MinTIC’s forward-thinking of blockchain innovation will open up new ways for organizations to operate in the digital age,” said James Wallis, Vice President of Central Bank Engagements and CBDCs. “By harnessing the Potential of the Ripple CBDC Platform powered by XRPL, this project will pave the way for transformative improvements in the use of blockchain technology in the public sector.This partnership underscores our commitment to driving innovation and efficiency to enable public entities to to exploit the full potential of secure and transparent transactions.”
Ferran Prat, CEO of Peersyst Technology also particularly emphasized: “Our partnership with the MinTIC as a reference technology company for the implementation of blockchain technology in Latin America requires the most demanding criteria on our part when selecting the technologies. In the case of payments and central bank technology, Ripple is a benchmark leader in the industry and one of the best allies to unlock the potential of this technology in large-value payment systems at the Banco de la República.”
SOURCE: Businesswire