Inter-American Development Bank (IADB) and ChromaWay, a provider of enterprise-grade blockchain solutions, have collaborated on a pilot program that demonstrates the ability of Chromia blockchain technology to improve property registration processes in Latin America.
The development team modeled the workflow and tasks associated with these transactions and developed a hybrid smart contract to programmatically enforce the process among ecosystem partners such as buyers, sellers, attorneys, surveyors, banks, notaries, and land registration authorities.
Chromia performed well due to its ability to handle large datasets using relational blockchain technology. Unlike other smart contract platforms, Chromia has native relational database support, allowing for efficient storage, search, and editing of records.
The pilot project is currently being reviewed by the IADB for the next steps. It is also being used as a model for other projects under consideration in Latin America, Africa, and Asia.
ChromaWay, established in 2014, is the creator of the relational blockchain Chromia – a new architecture that combines the power and flexibility of a relational database with the decentralized security of a blockchain.
Chromia combines databases with blockchain to deliver a general purpose “relational blockchain” platform capable of supporting nearly every kind of decentralized application.