Overstock’s Blockchain Portfolio Company Signs Agreement to Build Land Administration Systems In Mexico
Medici Land Governance (MLG), a blockchain portfolio company of Overstock subsidiary Medici Ventures, will be developing a digital land records platform in Mexico.
MLG is the 14th portfolio company in Medici Ventures that is leveraging blockchain technology to provide user-friendly, low-cost land administration systems. It aims to promote economic development and full financial inclusion by helping individuals in developing countries to record rightful ownership of property.
MLG announced that it has signed a memorandum of understanding (MOU) with the municipality of Tulum in Quintana Roo, Mexico to develop a digital platform for collecting real property ownership data issuing certificates of title to land and related processes. As part of the agreement, MLG and Tulum officials will also collaborate to create a method for automatically capturing and recording subsequent land administration transactions and updates to the digital platform.
Víctor Mas Tah, mayor of the municipality of Tulum, said that the signing of this MOU represents the beginning of a new territorial ordering stage for the digitalization of land ownership and related processes.
Medici Land Governance CEO Ali El Husseini said that 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.
“Medici Land Governance’s next-generation land administration systems provide an egalitarian solution to the problem of developing a digital property titling platform that is reliable and secure, bringing trust through technology to Tulum County and its surrounding areas,” said El Husseini.
In December 2018, MLG signed a similar MOU with Teton County, Wyoming. MLG is working with the government of Teton County to develop and implement the software needed for the county to transfer and display information from its current land and property titling system to the new blockchain-based system.
