LAC PropertyChain introduces digital, blockchain-based property transactions to Latin America and the Caribbean.
In November 2019, the Inter-American Development Bank embarked on a two-year project with the end goal of using blockchain to streamline the land registry process. The project is connected to the IADB’s initiative called LACChain, which seeks to accelerate the adoption of blockchain in Latin America and the Caribbean.
Development on the project began shortly thereafter, in collaboration with ChromaWay and Bolivian IT services company Jalasoft. We are pleased to report that development efforts have culminated in the completion of the LAC PropertyChain dapp, which will now move towards a testnet pilot phase in Q3 2021.
The dapp runs on a public permissioned Chromia blockchain. The pilot will enable land registrars, bank employees, notaries, surveyors, and other members of the property ecosystem to gain hands-on experience using blockchain technology. Users will interact with a familiar login system that connects to private key credentials, allowing them to digitally sign actions (i.e., attaching documents, submitting data, approving contracts, etc.). These documents and all associated actions will be seamlessly stored on the Chromia blockchain. This process will make the land registration processes more secure, more efficient, and exponentially faster than legacy systems.
The pilot will allow for digital tokens to be used as internal settlement and payment mechanisms for property transactions. In the pilot phase, testnet tokens will be issued directly to users' digital wallets powered by Chromia Vault. In the future, stablecoins or cryptocurrencies could be used and seamlessly exchanged for equivalent fiat currencies.
The development and deployment of enterprise and government applications is a challenging and rewarding process. Due to the importance of public infrastructure, testing and adoption phases require longer time frames than a typical decentralized application. We are excited to see the work of ChromaWay, Jalasoft, and our partners moving the LAC PropertyChain dapp one step closer to becoming a fully realized solution for settling real-world transactions on the Chromia mainnet. To stay updated on this project, and the status of all the other exciting things happening in the world of Chromia, check us out at https://www.chromia.com!