Recently, Peter Kirby, CEO of Factom, spoke out on the status of Factom’s Honduras project, where the startup aims to use blockchain tech to secure land title records on a transparent and immutable system.
Kirby stated: “The project has stalled. We were hoping to have a working prototype deployed by the end of the year, but as 2015 comes to a close, we’ll all have to wait another year to deploy a blockchain backed land title system.”
Speaking on the current state of the project, Kirby said that they were working with both government officials and Epigraph to develop the software and launch a prototype project and affirmed that they would continue to work on them. The reason given for the delay was political, with Kirby explaining: “The project is political in nature, and government systems move slower than we all would like.” Adding that experts had said it was a “very common occurrence”.
Additionally, on news surrounding the project, Kirby noted: “I also want to clarify some of the concern about the reports and news articles that have come out both for and against the project. Each of the reporters that I worked with directly did a tremendous amount of research and due diligence before writing the articles. We put them directly in touch with Honduras officials, who for reasons of their own were unable to comment. We also had approval before going on the record with any of these news organizations.”
Factom hopes that the project will progress over the coming year and aims to complete the system that will be “both tamper-proof and transparent.” to combat the problem of land title fraud.