Blockchain Land Registry Project to be Deployed by Inter-American Development Bank
The Inter-American Development Bank has started using blockchain technology for land registries. After saying they would start this project for years, the bank has finally made the move to begin implementing the technology.
Starting in November, the banking organization will begin the two-year project, which is supposed to put the land registration process of three Latin American countries on the blockchain. Despite the high costs of blockchains, several companies around the world have already realized the value of using the blockchain in this case.
Now, the Inter-American Development Bank will start a partnership with Jalasoft and ChromaWay to offer the service in Paraguay, Bolivia, and Peru. If the pilot project is successful, the project is set to be implemented in other countries as well.
Eirivelthon Santos Lima, one of the managers at the organization, affirmed that it is vital to work together with the governments from Latin America to show them the possibilities enabled by the technology.
According to him, showing them how the process works from scratch is certainly a great way to divulge the blockchain, as sometimes it can be hard to explain the concepts without having something to showcase.
The land registry process generally takes a lot of time because the government needs to collect information from both bankers and farmers, so putting this information on a blockchain would speed up the process in the future. Many landowners received their land via unofficial agreements, so chasing the paperwork and then finally being able to make the transaction official was important.
Both ChromaWay and Jalasoft will provide support for the bank to put the information on the blockchain. According to the banking institution, each project will cost from $50 to $100 million USD.