Overstock Subsidiary Partners With Zambian Government For Blockchain Land Registry.
Zambia has recently signed a Memorandum of Understanding with a subsidiary company of Overstock, which is an American retail giant. The memorandum is about a blockchain partnership that will be used for land registry made by the Zambian government. Under the contract, Overstock’s Medici Land Governance will cooperate with the government to overhaul land ownership.
What does this mean in practice? It means that rural land owners who have not legitimized their lands yet can do so using the blockchain technology and this will grant them access to financial markets all over the world.
Without having formal ownership of their lands, these people will face several issues whenever they need credit or even some public services. On the government’s side, it can be a positive situation as they will not be able to collect taxes more efficiently.
By using Medici Land Governance blockchain technology, the country will modernize its systems and it will collect and secure property ownership information. The CEO of Medici, Dr. Ali El Husseini, has affirmed that this partnership has the potential to change forever the economic development of the country and to be a game-changer in reducing poverty.
Blockchain To Help In Land Ownership
As the blockchain provides an immutable distributed ledger, it can be a solid solution to the old-fashioned fragmented paper records and unverified claims that are still used in Zambia.
Other countries are starting to use it as well, as the Agricultural Bank of China has recently confirmed that it had issued a way to make loans backed by land with the blockchain technology. Overstock is continuing to develop its blockchain technology on a worldwide scale.