The Swedish startup ChromaWay is working with the Inter-American Development Bank (IDB) and local agencies to alleviate issues surrounding land ownership in Latin America and the Caribbean.
Land distribution is a historical structural problem in Latin America; for two centuries, this issue has caused more wars, population displacements, social conflicts, hunger, and inequality than any other.
The struggle over land ownership also serves to highlight the severe socio-economic inequalities that exist in Latin America and the Caribbean.
ChromaWay is expanding an initiative aimed at making land ownership much more transparent by putting records on a blockchain.
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For those reading who don't know what a blockchain is (such as myself before writing this article), a blockchain is a decentralised, distributed, and often public, digital ledger that is used to record transactions across many computer systems so that any involved record cannot be altered retroactively, without the alternation of all subsequent blocks.
With the recent launch of ChromaWay's LAC PropertyChain initiative, the company hopes to strengthen blockchain standards, governance and protocols for land transactions in Bolivia, Peru and Paraguay.
The initiative complements the LACChain initiative, a consortium of institutions across Latin America and the Caribbean in association with the IDB.
These efforts mark the second phase of a land registry project, also funded by the IDB, that started in 2019. Similar to the LAC PropertyChain initiative, this project also focuses on storing smart data on a blockchain.
To help with making land ownership more transparent in Latin America and the Caribbean, ChromaWay has teamed with a number of regional departments including Peru's National Land Registry, Paraguay's Supreme Court of Justice Property Records and Bolivia's National Public registry.