Ripple, a leading enterprise blockchain and crypto solutions provider, has formed a collaboration with Banco de la Republica (Colombia's Central Bank) and Peersyst Technology. Together, they will explore use cases for implementing blockchain technology.

The Central Bank will partner with the Ministry of Information and Communications Technologies (MinTIC) to investigate using Ripple's CBDC Platform, powered by the energy-efficient, open-source XRP Ledger blockchain, to enhance Colombia's high-value payment infrastructure.

This project, overseen by MinTIC's Directorate of Digital Government, is the third phase of an experiment aimed at demonstrating how blockchain can improve payment systems and data management in terms of speed, upgradability, and transparency. It is slated for completion by the end of 2023.

According to ICT Minister Mauricio Lizcano, this experiment will gauge the effectiveness of blockchain technology solutions for the new high-value payment infrastructure being implemented.

James Wallis, Ripple's Vice President of Central Bank Engagements and CBDCs, believes this blockchain innovation exercise will foster better understanding of digital opportunities and amplify blockchain's impact across the public sector.

Ferran Prat, CEO of Peersyst Technology, states that this exercise will help adopt the most suitable technologies, and expresses confidence that no company is more proficient than Ripple when it comes to payment and technology solutions, anticipating excellent results.