The Swedish startup ChromaWay has been working on a land registration project, basically aimed at making land ownership more transparent through a Blockchain.
The main objective of the project is to assess how blockchain technology can contribute to solving some of the most pressing problems of land administration in South America.
ChromaWay is a blockchain technology company that since 2014, has been developing and refining blockchain technology platforms that define the industry.
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The project is closely aligned with BID Lab, the innovation laboratory of the Inter-American Development Bank (IDB) Group, and LAC-Chain, an alliance to promote the use of blockchain in Latin America and the Caribbean.
However, with the launch of its LAC PropertyChain initiative, the company hopes to strengthen blockchain standards, governance and protocols for land transactions in Bolivia, Peru and Paraguay.
Inter-American Development Bank joining the project
In this context, the IDB, or Inter-American Development Bank, was testing for the first time a blockchain for land registries in these three Latin American countries in a chain of blocks that would reinforce these standards.
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The Inter-American Development Bank is the largest source of financing for development in Latin America and the Caribbean.
It has been optimistic about the use of blockchain technology for land registration, despite the high costs of blockchain projects, with sometimes uncertain returns.
The organization has been working with the blockchain startup ChromaWay and the Bolivian IT services company Jalasoft, which initially started with these countries but aimed to expand further in South America.
The IDB hopes that the ChromaWay blockchain can help ease the burden of efforts to re-establish property titles in Latin American countries, which can cost between $50 million and $100 million per project.
The project, financed by the IDB, is one of the most extensive efforts to apply blockchain protocols to land registration and lending.