Overstock’s (NASDAQ:OSTK) Medici Land Governance (MLG) subsidiary has signed a Memorandum of Understanding (MOU) with the municipality of Tulum in Quintana Roo, Mexico. The MOU is to develop a digital land records platform built on their blockchain platform.
MLG and Tulum officials expect to “work together to collect real property ownership information for a defined area of Tulum Municipality to protect the land rights of its citizens, resulting in a mass issuance of certificates of title to land and related processes.”
MLG has signed other, similar type agreements in the recent past. MLG aspires to become a global platform for property records all hosted and accessible via Blockchain.
“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,” commented Medici Land Governance CEO, Ali El Husseini, PhD. “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.”
Víctor Mas Tah, the mayor of the municipality of Tulum, said the MOU “represents the beginning of a new territorial ordering stage for the digitalization of land ownership and related processes.”
Medici Land Governance was founded to “put the power of property ownership and equity into the hands of the masses by applying blockchain.”