The Inter-American Development Bank (IDB) joined hands with ChromaWay, a blockchain pioneer, to evaluate how blockchain technology can solve land administration problems in South America.
The initiative is called “Distributed Ledger Technology (Blockchain): The Future of Land Titling and Registry”. It will run for two years in Bolivia, Peru, and Paraguay.
The project will be launched in November 2019. It will be aligned with the innovation laboratory of the IDB Group and LAC-Chain, a global alliance to develop the blockchain ecosystem in Latin America and the Caribbean.
Funded by the IDB, the project will apply blockchain technology to land registration and lending. Its features have been designed to fit with the needs of the three countries. It focuses on a sustainable network governance and support model as well as establishing the standards that are identified by the project.
The project is seen as a great opportunity to use blockchain technology to address land management issues, according to Eirivelthon Santos Lima, project director from the IDB’s Natural Resource Economics and Management Division in La Paz, Bolivia.
ChromaWay CEO Henrik Hjelte said the collaboration between the company and the IDB helps blockchain technology to be developed and used in various projects.