The Inter-American Development Bank (IADB) is reportedly testing 3 blockchain projects, in an attempt to find a solution for some major problems in land titling and registries.
Revealed by ChromaWay on October 28, the blockchain firm is teaming up with the IADB, on different projects located in different nations – Bolivia, Peru and Paraguay – all will last for 2 years. The initiative was granted the name “Distributed Ledger Technology (Blockchain): The Future of Land Titling and Registry.”
Chromaway – specialized in land titles tracking across numerous countries, nominally Sweden, Canada, India, and Australia – will work with the Bolivia-based IT firm Jalasoft to pilot the project, with a primary target of implementing the blockchain-based solution in other regions throughout South America.
“Our collaboration with the IDB provides the opportunity for partner countries to take advantage of maturing distributed ledger technologies (DLT) that have been developed and used in other projects. We are especially excited to deploy these solutions in societies where secure land registration systems can have such a positive social and economic impact.” ChromaWay CEO Henrik Hjelte remarked.
The IADB expects that the projects – which will be officially rolled out in November – will be able to shine some light on how blockchain can be one of the viable solutions, to tackle a few of the issues concerning land administration in South America.