Crypto Project Chromia Teams Up with the IDB to Launch the LAC PropertyChain

According to Chromia’s recent Twitter announcement, the crypto project recently teamed up with the IDB in order to boost the adoption of blockchain technology throughout Latin America ans the Caribbean. The two intend to launch a LAC PropertyChain that will enable blockchain-based property transactions in South America.

Together with @the_IDB, we launched the LAC PropertyChain project which introduced digital, #Chromia blockchain-based property transactions to Latin America and the Caribbean – the project is connected to the @LACChain initiative. ⁰⁰

🌎 Learn more – https://t.co/OnYVX1kafW

— Chromia | Power to the Public (@Chromia) July 11, 2022

Chromia and IDB launch Lac PropertyChain

According to Chromia’s blog post, the project is tied to the IADB’s initiative known as LACChain, which is actually a project that started back in November 2019. Back then, the Inter-American Development Bank (IDB) started a two-year project with the goal of using blockchain technology to streamline the land registry process.

The development of LACChain started soon after that, in collaboration with Bolivian IT service Jalasoft, and ChromaWay. The LAC PropertyChain dApp then emerged as a testnet pilot phase in Q3 2021, running on the Chromia blockchain. And now, in the summer of 2022, Chromia and the IDB finally announced the full launch of the LAC PropertyChain project.

The idea is to use the app for enabling land registrars, notaries, bank employees, surveyors, and others from the property ecosystem to gain first-hand experience in using blockchain technology. Chromia claims that users can still interact with a familiar login system, which connects to private key credentials.

As a result, users can digitally sign actions, such as attaching documents, approving contracts, submitting data, and alike. However, all of the documents and other actions will be stored on the Chromia blockchain. The process was made to be as seamless and as natural as possible, in order to make the transition smoother and allow users to easily get used to the new way of doing things, without actually having to re-learn the process.

However, it will still bring a tremendous change in terms of how things work, as it will significantly increase security and efficiency that legacy systems simply cannot mirror. Furthermore, the project will allow the use of digital tokens as internal settlement and payment mechanisms for property transactions, as it did in the pilot phase. Back then, of course, the project developed testnet tokens that were issued to users’ digital wallets.

Now, however, it is expected that the project will add support for stablecoins or other cryptocurrencies.

Blockchain solutions such as this have been emerging more and more often in recent years, and this trend will likely continue for as long as blockchain technology can improve processes or security by replacing traditional systems. Given that the blockchain has infiltrated most industries by now in one way or the other, the sector’s goal of bringing advanced crypto-powered tech to the world and having it enter the mainstream is approaching closer and closer to completion.

Even so, it will still take years in order to perfect this tech, push its adoption, and eventually, reach a safer, more secure, and more transparent, blockchain-powered world.

To learn more visit our Investing in Chromia guide.