The Inter-American Development Bank (IDB) recently announced that it would be working with ChromaWay in the creation of a blockchain-based land registry in Peru, Bolivia, and Paraguay. This project is set for launch in November 2019 and it will run for two years. The project aims to streamline legal issues around land ownership in South America.
IDB believes that this project could help to deal with some of the existing issues around land in the region, especially when it comes to property rights for indigenous communities. Land is extremely important for them as they usually rely on the land and the natural resources it provides for their livelihoods. A recent report revealed that in 9 out of the 20 nations in South America, indigenous people and peasants own about 20% of the land. This land is usually held in collective systems.
Despite the various systems in the three different nations, indigenous communities still face many problems when it comes to recognition of their land rights. This initiative by the IDB will be used for land registration and lending in rural and urban communities. The project will be implemented in collaboration with IDB Lab and LAC-Chain.
How ChromaWay will build the Project
ChromaWay said that this project would be built on its Postchain blockchain protocol. Besides that, it would be based on its Rell programming language. Additionally, the firm may deploy it on the Chromia public blockchain.
Unlike most other land registry projects that are usually based in one country or region, this project is being created for three countries. The aim is to incorporate W3c standards as well as promote sustainable governance. The ChromaWay CEO said that they were glad to be able to deploy their solutions in societies where having a secure land registry could have a positive economic and social impact.
The IDB is South America’s biggest financier of development in South American and the Caribbean. The bank is owned by 48 nations, all of which are members and shareholders in the bank. As a result, this will make it easier for ChomaWay to implement the project due to the influence that its partner has. To implement the project, ChromaWay plans to work with Jalasoft, a technology firm. This project is one of the most expensive efforts to use the blockchain in land registration.
This is not the first time that ChromaWay is working on a blockchain-based land registry. The company has already come up with similar projects for various nations around the world. For instance, it worked with Sweden’s land registry agency to create a trial project that would be used for property purchases and record keeping.
ChromaWay is currently involved in a slew of other projects. For instance, it is currency working with Stockholm Green Digital Finance to create the Green Digital Asset Wallet. The project aims to develop a platform that helps to scale the flow of green investments with the goal being to support the UN Sustainable Development Goals as well as the Paris Agreement on Climate Change.
Image Source: Chromia Twitter
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
