New Deal Between Medici Land Governance and Mexico for Digital Land Records System Gets Signed
Medici Ventures is a venture arm established by Overstock, allowing the company to break into blockchain and cryptocurrency. Medici Land Governance, one of the subsidiaries of Medici Ventures, has decided to collaborate with Mexico, as penned in a memorandum of understanding (MOU), which states that the pair will develop a digital land records system.
The announcement was released on Monday, stating that this deal involved the municipal government of Tulum, found in Quintana Roo. The deal would make it possible for local officials to gain details necessary for ownership of land, which lets them issues certificates of title for automatic transaction updates.
Ali El Husseini, the CEO of Medici Land Governance, released a statement on this matter, which 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, has expressed a similar sentiment and appears to feel positive about the introduction of this system. The mayor stated that this deal
“represents the beginning of a new territorial ordering stage for the digitalization of land ownership and related processes.”
The first partnerships for Medici Land Governance were put into place last year with Zambia and Rwanda. The Zambia agreement dictates that the partnership will help with the creation of a blockchain-based land title registry, while the partnership with Rwanda offers a similar program.
Medici Land Governance only just established a partnership in the United States at the end of last year in Wyoming. Wyoming has been working towards a regulatory framework for blockchain technology, and they hired this subsidiary in an effort to use the Open Index Protocol and the Florincoin blockchain to develop a new land registry.