Stockholm, Sweden, 1 February 2023, Chainwire
According to a recent report published by the IADB, the LAC PropertyChain pilot shows that “complex property transactions can be well modeled, coded, and processed on a decentralized blockchain network.” This report explains how technology can alleviate the 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 demonstrating the ability of Chromia blockchain technology to improve property registration processes in Latin America.
The program, called LAC PropertyChain, runs on a licensed version of Chromia and aims to increase transparency of records, streamline the property registration process, increase trust among stakeholders, and reduce accessibility barriers. I was there.
The prototype is based on Peruvian law and focuses on two processes of particular relevance to local stakeholders: mortgage forgiveness and property division. The development team models the workflows and tasks associated with these transactions and develops hybrid smart contracts to process processes across ecosystem partners such as buyers, sellers, lawyers, surveyors, banks, notaries, land registry agencies, etc. was implemented in the program.
Commenting on recent project collaborations, ChromaWay’s Vice President of Business and Partnership Development Todd Miller said: “The pilot has not only demonstrated that blockchain can play a central role in real estate registration infrastructure, but it has also demonstrated that Chromia’s capabilities are better suited to the task than other smart contract platforms. ”
Chromia did well because it can process large datasets using relational blockchain technology. Unlike other smart contract platforms, Chromia supports native relational databases, allowing efficient storage, retrieval and editing of records. Additionally, Chromia’s ability to seamlessly interoperate with external enterprise business applications allowed participants to interact with LAC PropertyChain without prior knowledge of blockchain technology.
The pilot project is currently being reviewed by the IADB for next steps. It is also being used as a model for other projects under consideration in Latin America, Africa and Asia.Contact us for more information Cromaway or LAC property chain website. The full Inter-American Development Bank report is available at Spanish and English.
Founded in 2014, ChromaWay is the creator of the relational blockchain Chromia, a new architecture that combines the power and flexibility of relational databases with the decentralized security of blockchains. ChromaWay has developed applications for clients in various sectors around the world, including banking, supply chain, real estate and green finance.
Chromia combines a database and blockchain to provide a general-purpose “relational blockchain” platform that can support almost any kind of decentralized application. With relational database support, Chromia is particularly well suited for applications that require high I/O capacity and management of complex data sets while providing the security and transparency of public blockchains.
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