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The Inter-American Development Bank (IDB), the main source of multilateral financing in Latin America, is embarking on a two-year project that aims to land titling and registrations on a blockchain.
For the project, the IDB has teamed up with blockchain startup ChromaWay. The project, slated to launch in November 2019, will be closely aligned with IDB Lab, IDB’s innovation laboratory, and LAC-Chain, an alliance to promote the use of blockchain in Latin America and the Caribbean.
In an online post dated October 28, ChromaWay said that it will utilize its full open source suite of relational blockchain-related technologies, including Postchain, blockchain ledger technology rooted in relational databases, and Rell, the purpose-designed programming language for blockchain and smart contracts.
The company added that the project can be deployed on its public blockchain, Chromia. ChromaWay said that it will also partner with Jalasoft, a leader in systems development and integration in South America, for the project.
“Our collaboration with the IDB provides the opportunity for partner countries to take advantage of maturing distributed ledger technologies 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.
According to the project details, the bank is seeking to implement three blockchain pilot projects in Bolivia, Paraguay and Peru, where it is already engaged in rural land titling projects.
Eirivelthon Santos Lima, Project Director from the Inter-American Development Bank’s Natural Resource Economics and Management Division in La Paz (Bolivia), said that the bank hopes ChromaWay’s blockchain to reduce the efforts required to re-establish proper land titles in Latin America countries, which can cost $50 million to $100 million per project, CoinDesk reported.
IDB is investing $600,000 into the project through its innovation arm. The first phase of the project will focus on exploring how to connect land registries to the blockchain in a secure and trustworthy manner. It will also explore what of blockchain is best suited for the project.
In addition to designing a solution that meets the needs of the three countries, the initiative will also aim to develop a sustainable network governance and support model, and incorporating standards identified by the IDB Lab/LAC-Chain project. The standards include incorporating the Wc3 specifications for Verifiable Claims and Decentralized Identifiers (DIDs).
