Overstock’s Blockchain Subsidiary Teams With Zambia On Land Governance Platform
Medici Land Governance (MLG), a blockchain portfolio company of Overstock subsidiary Medici Ventures, has teamed with Zambia’s Lusaka City Council (LCC) to deploy a land governance platform.
MLG leverages blockchain and other technologies to support land governance, titling, and administration with a secure public record of land ownership. Its supports agencies in the digitization of their current records, engendering trust and security in data by diminishing human error and accidental damage to records.
MLG signed a Memorandum of Understanding (MOU) the Lusaka City Council (LCC) for the issuance of 250,000 certificates of title related to real property under the jurisdiction of LCC in and around Lusaka, the capital city of Zambia that has a population of at least 2.5 million in its metropolitan district. Data related to issuance of occupancy licenses, deed titles, payments and other revenue-generating transactions will be posted on a blockchain. The data will be accessible on an open source mobile platform to land owners, government agencies, local authorities, and private sector interests.
“There is no more noble fulfilment to me than being part of a project that will empower Lusaka residents with housing ownership,” said Miles Sampa, Mayor of Lusaka. “While partnering with Medici Land Governance, we shall not leave anyone behind in the drive to create real sustainable wealth for families.”
The MOU builds upon the recently completed proof of concept project with Zambia’s Ministry of Lands and Natural Resources, which has facilitated the subsequent process, currently underway, of issuing 50,000+ certificates of title related to real property in and around Lusaka. The MOU also calls for developing and deploying a land information management system to handle title transfers, title searches, and other transactions.
“We are thrilled to extend our collaboration with the leaders of Lusaka, especially the city council and the mayor, who have graciously placed their confidence in this groundbreaking initiative,” said Ali El Husseini, PhD, CEO of Medici Land Governance. “Last year, Lusaka was the site of our first project and we look forward to working with city planners to show how blockchain and a digitized land administration system can transform the ways governments (especially local governments) and businesses operate along with giving individuals new opportunities for economic mobility and empowerment.”
Overstock CEO and founder Patrick M. Byrne said that this agreement with Lusaka City Council will allow Medici Land Governance to implement its blockchain land governance technology to accelerate economic growth in Zambia’s capital through proper, accurate, inexpensive land governance.
“As importantly, for us it is a demonstration project to show not just Lusaka, but Zambia, the rest of Africa, and beyond, the benefits of land governance,” Byrne said.
