The Inter-American Development Bank (IDB) has reportedly partnered with startup company ChromaWay for a two-year initiative dubbed “Distributed Ledger Technology (Blockchain): The Future of Land Titling and Registry. That’s according to ChromoWay, which announced the venture on the company’s blog.
The announcement revealed that the project is intended to examine blockchain technology’s potential benefits for resolving South American land administration issues. The effort will reportedly focus on the South American nations of Bolivia, Paraguay, and Peru, and will be conducted in partnership with IDB Lab, the blockchain-promotion alliance LAC-Chain, and systems development firm Jalasoft.
The project, funded by the IDB, is one of the most extensive efforts to apply blockchain protocols to land registration and lending to date. There are several unique features of the project including designing a solution to meet the needs of three countries (with the goal of extensibility to other parts of South America), a focus on developing a sustainable network governance and support model, and incorporating standards identified by the IDB Lab/LAC-Chain project.
ChromaWay CEO Henrik Hjelte noted that the partnership would enable participating countries to reap the benefits of maturing blockchain technologies, including social and economic benefits:
“We are especially excited to deploy these solutions in societies where secure land registration systems can have such a positive social and economic impact.”