In a bid to effectively advance the utilization of blockchain, Ripple has collaborated with Peersyst, a fellow blockchain firm, and the Colombia’s Central Bank. In a Thursday announcement, Peersyst confirmed the collaboration. As revealed, the trio looks to jointly explore and advance the implementation of the use cases of blockchain technology.
The apex bank in Columbia; known as the Banco de la Republica has shown appreciable interest in embracing blockchain innovation. It will bank on its relationship with the country’s Ministry of Information and Communication Technologies (MinTIC) to achieve this initiative. Both MinTIC and the Banco de la Republica plan to pilot use cases capable of advancing the Colombia’s payment system. In a bid to achieve this, they will harness the CBDC network developed by Ripple and powered by the XRP ledger.
Worth mentioning that this pilot is coming as a part of the third phase of blockchain experimentation by the ministry. It believes the exploration of the use cases of blockchain possesses the potential to unlock new ways for organizations to thrive in the digital era. Meanwhile, this new experimentation phase is scheduled to run till the end of the present year. In this phase, MinTic in collaboration with Ripple and the country’s apex bank seeks to educate the public about blockchain.
MinTic, the Banco de la Republica to explore CBDC platform developed by Ripple
According to the announcement, the ministry wants to expose national public entities to real-world application experiments of the tech. With this development, it is believed that members of the public will be able to understand how the basic features of blockchain, including scalability, transparency, security, speed, and many more can advance existing payment systems. MinTic aims to carry out these experimentations using the end-to-end solution for central banks, developed by Ripple. It, however, promised to carry out the testing in a controlled environment so as not to compromise public resources.
Speaking on the development, the minister of ICT in the country, Mauricio Lizcano highlighted the importance of the project. Lizcano said the ministry wants to explore the results of this phase to evaluate the potential efficiencies enveloped in the development of a solution with blockchain. Also, the minister added that the experimentation will provide a prototype to aid simulations of use cases in the payment system. He further commended Ripple for its commitment to fostering blockchain adoption, describing the firm as a leader in the industry.