LAC PropertyChain Website Launch and Q3 2020 Project Status
The launch of the LAC PropertyChain website today represents another milestone in the advancement of introducing blockchain-based transparent, secure, and decentralized property sector solutions to Latin America and the Caribbean. The project, sponsored by the Inter-American Development Bank (IDB), will enable property ecosystem partners including property owners, land registries, cadastral agencies, banks, notaries, and local governments to collaborate together to process land transactions through a distributed web application (Dapp) that utilizes the blockchain as a shared record keeping system.
The project pilot is focused on Peru, but processes and regulations from Bolivia and Paraguay were also incorporated into the initiative. The goal of the effort is to make the open source tools and protocols developed through the project extensible to the entire region. The project seeks to align with LACChain, the IDB Lab-sponsored initiative to promote blockchain solutions across multiple sectors including trade, finance, supply chain, and human services. ChromaWay will deploy a public permissioned version of its Chromia blockchain. Rooted in relational database technology, Chromia will allow the network to scale transactions and users without degradation of performance. The project will also use Chromia’s Single Sign On (SSO) Vault and Blockchain Explorer to ensure full security and transparency.
The project is reaching the end of the development phase and has begun the live pilot planning effort. The LAC PropertyChain application was designed and built by the Bolivian-based tech leader, Jalasoft. The application was designed based on property transaction process workflows designed in partnership with Peru stakeholders including SUNARP, DIGESPAR, the Notary College of Peru, and InterBank. The application was also modeled for integration with the national ID registry, RENIEC, to ensure full identity verification.
The application features a secure workflow that requires digital signing of tasks and documents necessary to complete the process. The application will initially focus on mortgage discharges and property sub-division processes with a plan to extend it to all processes after the pilot during Q4 2020.
Features of the application also include the ability for administrators to make task assignments to employees, for all users to see the overall status of in-process transactions, and to review history for audit purposes. All actions must be signed by users which is time and date stamped in the blockchain along with transaction-related data and documents.
For more information about the LAC PropertyChain project, please contact us at info@lacpropertychain.com. We will also be using this website to post updates, documentation, and other important information about the progress of the project. We look forward to hearing from you!