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…