The Inter-American Development Bank (IDB) has been a blockchain trailblazer, with its IDB Labs founding the LACChain public permissioned blockchain network spanning Latin America (LATAM) and the Caribbean. As a development bank, the objective for LACChain is to support grassroots blockchain applications that impact everyday lives. Today enterprise application developer ChromaWay announced it has completed a property registry pilot with LACChain using a permissioned version of the Chromia blockchain.
The LAC PropertyChain aims to improve the transparency of property records and streamline the paper-based registration process to improve trust. A lack of trust results in conflict, reduced activity, and higher interest rates for mortgages.
The pilot was based on Peruvian law, but Bolivia and Paraguay are also explored in the accompanying report. In Peru, real estate fraud is significant, particularly falsifying real estate documents or identity fraud in which a person claims to be the property owner.
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