Recently, Overstock has announced that its venture arm, Medici Ventures’ subsidiary named Medici Land Governance will be developing a digital land records platform in Mexico.
Medici Land Governance has signed a Memorandum of Understanding with the authorities of Tulum in Quintana Roo, Mexico to create a digital land records system. Once the system gets developed by these entities who have signed the MoU, it will enable the officials in Mexico to fetch data about land ownership and issue certificates of title to land and related operations. In its advanced stage, this system will allow to record transactions regarding land registry automatically. As the MoU confirms, Medici Land Governance (MLG) and the municipality of Tulum in Quintana Roo will collectively build the digital land registry system.
Here, Víctor Mas Tah, mayor of the municipality of Tulum said,
“The signing of this Memorandum of Understanding between the Municipality of Tulum and Medici Land Governance represents the beginning of a new territorial ordering stage for the digitalization of land ownership and related processes.”
The CEO at Medici Land Governance also gave his statement about the deal. Ali El Husseini the CEO noted,
“Mexico’s adoption of advanced technology in their land registry will increase opportunities for individuals to strengthen their connections to the global economy through rightful ownership of land.”
Apart from that, Medici Land governance (MLG) has already involved itself in partnerships with two state governments in Africa. In August, the startup signed MoU with the Zambian government in order to build a blockchain-based land title registry. With this deal, MLG is aimed to operate on overhauling land ownership and gain access to financial services in the region. The firm would also provide service to rural landowners to legalize their estates. Plus, MLG also inked a similar collaboration with the government of Rwanda.
By now, many countries are interested to examine blockchain technology for their land registry process. For instance, back in June, the Netherlands’ Land Registry announced that it is looking for the use of blockchain technology for national real estate data. The authorities in the country intend to explore what the “relatively new” technology can contribute to the property sphere. They believe that a blockchain solution will be deployed into its system “within one to three years”.