The pilot program will evaluate high value payments use cases using Ripple’s CBDC Platform based on the core technology of the XRP Ledger
SAN FRANCISCO--(BUSINESS WIRE)--Ripple, the leader in enterprise blockchain and crypto solutions, announced today 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.”
More information about this pilot program will be disclosed later in the year around the specific use cases and implementations. To learn more about this project from MinTIC visit: https://www.mintic.gov.co/portal/inicio/Sala-de-prensa/Noticias/
Peersyst Technology is a specialized blockchain technology firm with a long history of developing and implementing solutions based on distributed ledger technologies in both the public and private sectors. Peersyst Technology was selected in 2021 by the MinTIC as one of the reference allies for the implementation of Blockchain technology in the Colombian public sector, working with different entities as well as large private companies, positioning itself as a reference leader in the implementation of this technology for the Latin American region.
Ripple is the leader in enterprise blockchain and crypto solutions, transforming how the world moves, manages and tokenizes value. Ripple’s business solutions are faster, more transparent, and more cost effective - solving inefficiencies that have long defined the status quo. And together with partners and the larger developer community, we identify use cases where crypto technology will inspire new business models and create opportunity for more people. With every solution, we’re realizing a more sustainable global economy and planet - increasing access to inclusive and scalable financial systems while leveraging carbon neutral blockchain technology and a green digital asset, XRP. This is how we deliver on our mission to build crypto solutions for a world without economic borders.
About the XRP Ledger
The XRP Ledger (XRPL) is an open source, public and decentralized Layer 1 blockchain led by a global developer community. It is fast, energy-efficient, and reliable. For more than ten years, it has been the blockchain best suited to enable settlement and liquidity of tokenized assets at scale. With ease of development, low transaction costs, and a knowledgeable community, it provides developers with a strong open-source foundation for executing on the most demanding projects – without impacting the XRPL’s lean and efficient feature set. XRPL enables a wide variety of services and use cases including payments, on-chain finance, and tokenization. Learn more at XRPL.org.
Raquel Prieto, Ripple Global Communications