Honduras, one of the poorest countries in the Americas, has agreed to use a Texas-based company to build a permanent and secure land title record system using the underlying technology behind bitcoin, a company official said late Thursday.
Factom, a U.S. blockchain technology company based in Austin, Texas, will provide the service to the government of Honduras, the firm’s president, Peter Kirby, said. The company is doing the project with Epigraph, a title software company that uses blockchain technology, also based in Austin.
Factom would not reveal the cost of the project. Honduras would become only the second government to use blockchain, which increases transparency in a transaction, to manage government data, after reports that the Isle of Man would test a government-run blockchain project.
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Source Credits: Gertrude Chavez-Dreyfuss in Reuters. Editing by Alan Crosby.