Peter Kirby, CEO of Factom, posted a small blog update a few hours ago regarding the Honduras Title Project. In this post, it was mentioned how certain misconceptions regarding the project needed to be cleared up, such as the stalling of the project itself. Even though the team remains optimistic the deal with the Honduran government will come to fruition, it will not take place this year.
As we mentioned in yesterday’s article, there were some incorrect statements circulating on the Internet regarding the current status of the Honduras Title Project and Factom. Certain factors regarding this deal may have been incorrect conclusions, and Factom CEO Peter Kirby took the time to explain how things have been moving along so far.
Unfortunately, the Honduras Title Project has stalled, despite best efforts from the Factom team to get a working prototype deployed before the end of 2015. There are always multiple parties involved in the decision making for this project, and Factom is just one of them. The way things look right now, it will take another year to deploy a blockchain usable for backed line title system purposes.
But there is some good news to report as well, as Peter Kirby himself has had discussions with experts in the international land title industry. Based on the conversations he had with those parties, as well as other companies developing software solutions for land title purposes, delays in this industry are not as uncommon as one might expect. Part of the delay can be attributed to the political nature of this Factom project, which means slow decision making is part of the process.
At the same time, there are a few top-level government officials in Honduras who firmly believe in the Factom project. The prototype launch is still on the table for now, although no official dates could be announced yet. Additionally, Epigraph has been an instrumental partner for Factom in getting the software side of things to the level it is at right now.
Peter Kirby addressed the media “issue’ as follows:
“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.”
The letter of intent between Factom and the Honduran government is a validation of this project still being worked on at the time of publication. With the end of 2015 drawing very close, no immediate announcements are expected in the coming days, as all eyes will turn towards 2016 to move this project along further.
To get a better understanding of how this project works from a technical point of view, Factom invites the community to send in their questions. Representatives will do their best to answer as thorough as possible, barring any non-disclosure language mentioned in the letter of intent.
What are your thoughts on this project so far? Will 2016 be the year Factom revolutionizes land title registry in Honduras with blockchain technology? Let us know in the comments below!
Source: Factom Blog
Images courtesy of Factom, Shutterstock
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