Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Inter-American Development Bank to Pilot Land Registries on Blockchain

Inter-American Development Bank to Pilot Land Registries on Blockchain

After years of talking about it, the Inter-American Development Bank is for the first time testing out a blockchain for land registries.

Next month, the global organization will embark on a two-year project to put land registration and lending in three Latin American countries on a blockchain.

The IADB, the largest source of development financing for Latin America and the Caribbean, has long been bullish on blockchain for land registries, despite the high costs of blockchain projects with sometimes uncertain returns.

The organization is working with blockchain startup ChromaWay and Bolivian IT services company Jalasoft to pilot the technology in Bolivia, Peru and Paraguay, with the goal of extending the test to other parts of South America.

“We need to work with our governments in Latin America to show them the potential of the technology,” said Eirivelthon Santos Lima, the project director of IADB’s environment, rural development and disaster risk management division in La Paz, Bolivia. “The issue is very abstract for them and the best way to teach them about this technology and get them interested is to show them how it works from scratch.”

The IADB hopes that ChromaWay’s blockchain can help ease the burden of efforts to reestablish proper land titles in Latin America countries, which can cost $50 million to $100 million per project, Lima added.

These projects usually involve the bank collecting the legal information of farmers and urbanites and technical information about properties to create a proper record of land ownership where land was sold informally.

Through its R&D arm, IDB Lab, the bank is putting $600,000 toward the project. Phase One will explore how to connect land registries to the blockchain in a way that creates more trust as well as what kind of blockchain to use.

The bank will rely on standards for blockchain technology developed by IDB Lab and LAC-ChaiN, an alliance to promote the use of blockchain in Latin America and the Carribbean. It will also use the World Wide Web Consortium (WC3) specification for verifiable claims and decentralized identifiers.


Partner’s track record


The IADB picked ChromaWay because it noticed the startup’s work in tracking land titles in Sweden, and similar projects running in Australia, Canada, and India.

“We’ve had up to 32 steps in the process to claim a property in Sweden, which could take up to three months between the buyer’s bank, seller’s bank and real estate agents,” said ChromaWay chief executive Henrik Hjelte. “We digitize this process and shorten the time to online in a few minutes.”

ChromaWay will apply several of its blockchain-related technologies for the project. This includes Postchain, which the firm describes as a blockchain rooted in relational databases, and Rell, a programming language for blockchain and smart contracts. The bank also has the option of deploying the project on ChromaWay’s public blockchain, known as Chromia.

Unlike a pure blockchain, ChromaWay’s tech also includes database capabilities like organizing and setting parameters on the data that is represented, the firm said.

“It’s basically a root based on a mathematical way to represent the data,” Hjelte said. “This way you cannot have the same Social Security number for more than one person, and you cannot sell the same property twice.”

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
×