ChromaWay and the Inter-American Development Bank Collaborate to Improve Property Registration using the Chromia Blockchain
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Stockholm, Sweden, 1st February, 2023, Chainwire
According to a recent report published by the IADB, the LAC PropertyChain pilot shows that “complex property transactions can be sufficiently modeled, coded, and processed on a distributed blockchain network.”. The report goes on to explain how the technology can alleviate problems that currently plague real estate transactions in Latin America.
The Inter-American Development Bank (IADB) and ChromaWay, a provider of enterprise-grade blockchain solutions, have collaborated on a pilot program that demonstrates the ability of Chromia blockchain technology to improve property registration processes in Latin America.
The program, called LAC PropertyChain, ran on a permissioned version of Chromia and aimed to increase the transparency of records, streamline the property registration process, generate greater trust among stakeholders, and reduce accessibility barriers.
The prototype was based on Peruvian law and focused on two processes particularly relevant to local stakeholders: mortgage discharge and property subdivision. The development team modeled the workflow and tasks associated with these transactions and developed a hybrid smart contract to programmatically enforce the process among ecosystem partners such as buyers, sellers, attorneys, surveyors, banks, notaries, and land registration authorities.
Commenting on the recent project collaboration, ChromaWay’s VP of Business and Partnership Development Todd Miller said: “Not only did the pilot demonstrate that blockchains can play a central role in property registration infrastructure,
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