There’s been some confusion about the Honduras title project and I’d like to take the opportunity to clear up some misconceptions.
Yes, 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 that is both tamper-proof and transparent.
I’ve had humbling conversations with many smart people in the world of international land title including a CEO of major title insurance company, international policy experts, and companies that have built and sold land title software for decades. They all agree that this is a very common occurrence. The project is political in nature, and government systems move slower than we all would like.
I do want to give a shout out to the hard working people in Honduras that have helped us get this far. We have support from top-level government officials, and we are working to launch a prototype project. We have also been working on the software with our partners at Epigraph. We’ll continue to plug away on these projects and others that use the blockchain to make secure and transparent processes and systems.
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 has always stood for honesty and transparency, and we welcome your questions. The letter of intent between the Honduran government and Factom/Epigraph includes some amount of non-disclosure language, so we’ve had to be quiet about the business model and non-technical details of the project. However, we’re always thrilled to discuss the technology behind the solution and explore new ways to move forward.
Have a Merry Christmas.