Medici Land Governance, a blockchain subsidiary of Overstock’s venture arm Medici Ventures that is focused on land administration, signed a memorandum of Understanding (MOU) with the municipality of Tulum in Quintana Roo, Mexico to create a digital land records system.
“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,” said 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.”
According to Monday’s announcement, the deal will allow officials to collect real property ownership information for a specific area of Tulum Municipality to protect the land rights of its citizens. By doing so, it can issue certificates of title to land – an effort to record transactions automatically, as Coindesk reports.
“The signing of this Memorandum of Understanding between the Municipality of Tulum and Medici Land Governance represents the beginning of a new territorial ordering stage for the digitalization of land ownership and related processes,” said Víctor Mas Tah, mayor of the municipality of Tulum, Quintana Roo, Mexico.