Overstock’s Medici Signs MOU to Create Local Digital Land Registry in Mexico

Medici Land Governance has inked a partnership with a local government in Mexico to create a system for digital land records. Medici Land Governance is a subsidiary of Overstock’s venture arm Medici Ventures.

The memorandum of understanding was signed with the municipal government of Tulum, from the Quintana Roo state. Once established, the deal will enable officials in the municipality to collect data about land ownership, as well as issue certificates of title to land so that records of transactions will be made automatically.

The CEO of Medici Land Governance, Ali El Husseini, stated: “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.”

Meanwhile, Mayor Victor Mas Tah of Tulum expressed that the deal “represents the beginning of a new territorial ordering stage for the digitalization of land ownership and related processes.”

Before this partnership, Medici Land Governance previously closed deals with two African state governments. In August 2018, the secretary for the Ministry of Land and Natural Resources in Zambia entered a deal with the startup to develop a blockchain-based land title registry. The company landed a similar deal with the Rwanda government in November.

Finally, Teton County in Wyoming hired Medici Land Governance last December to develop a new land registry utilizing the Open Index Protocol (OIP) and Florincoin blockchain.