Medici Land Governance, a subsidiary of Overstock’s venture arm Medici Ventures enters into an agreement with the Mexican government to employ blockchain to create a digital land records system.
As per Monday’s announcement, the memorandum of understanding (MUO) has been signed between Medici and the municipal government of Tulum, located in the state of Quintana Roo. If built, the blockchain will enable officials of the state to collect data about land ownership and issue certificates of title to land in an effortless manner as such transactions will be recorded automatically.
Ali El Husseini, Medici Land Governance’s CEO, said in a statement:
“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.”
The mayor of the municipality of Tulum, Víctor Mas Tah, stated that the deal “represents the beginning of a new territorial ordering stage for the digitalization of land ownership and related processes.”
Late August last year, Medici Land governance earned its first partnerships with two state governments in Africa as it signed a memorandum of understanding with the secretary for the Ministry of Land and Natural Resources in Zambia to create a blockchain-based land title registry. In November, the company secured a similar deal with the government of Rwanda.
The firm’s first partner in the US, came in December when the Teton County in Wyoming hired the startup to build a new land registry using the Open Index Protocol (OIP) and Florincoin blockchain.