American internet retailer Overstock’s venture arm Medici Ventures’ subsidiary Medici Land Governance has inked a MoU (memorandum of understanding) with the Mexican government for the development of a digital land records system.
Medici Land Governance leverages Blockchain and related technologies to connect data-related to property ownership to the global economy.
The announcement of the MoU was made through a press release dated February 4, 2019, on Nasdaq’s website.
As per the press release, the MoU has been signed between Medici Land Governance and the municipality of Tulum in Mexico. Tulum is a town on the Carribean coastline of the Yucatan Peninsula. It is located in the State of Quintana Roo.
The deal will digitise the process of land ownership. It will begin at the grassroots levels with the officials of the municipality collecting land ownership data, and subsequently issuing certificates of title to land.
The Chief Executive Officer at Medici Land Governance, Ali El Husseini explained how the rightful land ownership will create better opportunities for the individuals in the region. He said,
“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.”
Tulum’s Mayor, Victor Mas Tah venerated the MoU explaining that the deal will ‘begin a new territorial ordering stage for the digitization of land ownership and related processes.’
Medici Land Governance had, in 2018, secured its pioneering partnerships with the governments of two states in the African continent.
It had secured a MoU with Zambia’s Ministry of Land and Natural Resources to develop Blockchain-based land title registry in August 2018.
Subsequently, in November 2018, Medici Land Governance signed another deal with the Rwandan government.
Later in December 2018, in its deal first deal in the United States, the land governance firm partnered with the County of Teton in the State of Wyoming to develop a new registry with the help of the Florincoin Blockchain as well as the Open Index Protocol.