The Inter-American Development Bank (IADB), the largest source of economic and social development financing for Latin America, is reportedly preparing for the testing phase of a Blockchain-based platform for land registries.
With the main goal of solving the most pressing issues relating to registries and land titling, the IADB entered a partnership with ChromaWay, a Blockchain startup with in-depth experience in tracking and dealing with land titles in Australia, India, Canada and Sweden.
As per the announcement, the collaboration would work on a Blockchain initiative dubbed Distributed Ledger Technology (Blockchain): The Future of Land Titling and Registry.” Meanwhile, the developments would be carried on Peru, Paraguay, and Bolivia. Jalasof, an IT services firm based in Bolivia, would also play a significant role in the execution of the project.
Henrik Hjelte, the CEO of ChromaWay, said that the partnership with the Latin American development bank would open new opportunities for partner countries to take the lead in exploring distributed ledger technologies and their potential applications across a variety of industries. He also shared his excitement in working on a project that would allow citizens to access a more secure and more convenient land registration systems.
Meanwhile, the IADB aims to demonstrate throughout South America the benefits that Blockchain technology can bring in terms of solving land administration-related problems.
Notably, an increasing number of governments are currently working on Blockchain-based applications that can help them solve the legal and technical obstacles present in land registries and real estate industry. Among the top issues being addressed for future implementation are the recognition of digital signatures and the lack of interoperability between relevant institutions.