April 23, 2024

Inter-American Development Bank is testing blockchain for cadastral registration

The Inter-American Development Bank (IDB) will launch a two-year blockchain project next monthfor the registration of land in three Latin American countries.

IDB, together with the startup ChromaWay and the Bolivian IT company Jalasoft, will test the technology in Bolivia, Peru and Paraguay, and then they plan to roll out the project in other regions of South America.

“We must work with governments in LatinAmerica to show them the potential of this technology. For them, this is a very abstract question, and the best way to teach this technology and to interest them is to show how it works, ”said project manager Eirivelthon Santos Lima.

ChromaWay blockchain expected to helpto simplify the restoration of land ownership in Latin America. As part of the project, the bank collects legal information from farmers and city dwellers, as well as technical information about the property, in order to create proper land rights records.

The bank will rely on standards developed byIDB Lab and LAC-ChaiN - an alliance to promote the use of blockchain in Latin America and the Caribbean. IDB will also use the World Wide Web Consortium (W3C) specification for validated applications and decentralized identifiers.

Previously, ChromaWay worked on the implementation of blockchainto track land rights in Sweden, as well as on similar projects in Australia, Canada and India. For the IDB project, the startup will use several of its technologies, including the Postchain network and the Rell programming language. The bank can also deploy the project on the open ChromaWay Chromia blockchain.