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Overstock’s Medici Inks Deal for Local Land Registry in Mexico

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Medici Land Governance, a subsidiary of Overstock’s mission arm Medici Ventures, has signed a memorandum of figuring out with an area govt in Mexico to create a virtual land information machine.

According to Monday’s announcement, the memorandum of figuring out was once struck with the municipal govt of Tulum, which is positioned within the state of Quintana Roo. If constructed, the deal will permit officers there to gather knowledge about land possession and factor certificate of name to land so as to document such transactions mechanically.

“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,” Ali El Husseini, Medici Land Governance’s CEO, stated in a remark.

Víctor Mas Tah, mayor of the municipality of Tulum, stated that the deal “represents the beginning of a new territorial ordering stage for the digitalization of land ownership and related processes.”

Medici Land governance secured its first partnerships with two state governments in Africa: closing August, the startup signed a memorandum of figuring out with the secretary for the Ministry of Land and Natural Resources in Zambia to create a blockchain-based land name registry. In November, the corporate secured a an identical maintain the federal government of Rwanda.

In December, Medici Land Governance discovered its first spouse at the U.S. soil: Teton County in Wyoming, which employed the startup to construct a brand new land registry the usage of the Open Index Protocol (OIP) and Florincoin blockchain.

Tulum seashore Quintana Roo México symbol by means of Shutterstock

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