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The distribution giant's land registry subsidiary, Overstock.com, has signed a memorandum of understanding in Mexico to develop a digital land registration platform. The news was revealed in a press release issued by the Nasdaq on February 4.
Under this agreement, Medici Land Governance (MLG) and the Municipality of Tulum in Quintana Roo will jointly develop a digital platform for data collection on real estate property, issuance of land title certificates and related procedures . At a later stage, the parties will ostensibly develop a method of securing and storing transactions and land administration updates.
Víctor Mas Tah, mayor of the municipality of Tulum, reportedly said that the MOU "represents the beginning of a new phase of ordering territories for the [digitization] land ownership and related processes ".
In August, MLG signed a similar memorandum of understanding with the Zambian government to reorganize land ownership to allow rural landowners to legitimize their estates and access financial services. The publication went on to say that "without formal ownership, individuals have difficulty accessing credit and public services, while governments are limited in their ability to collect taxes, enforce property rights, and plan for property." 39, economic expansion and innovation.
The deployment of blockchain technology in the real estate and land register sector has been adopted by other jurisdictions around the world. In October, the Australian state government of New South Wales (NSW) announced that it was about to complete the proof of concept of a land registry system. based on the blockchain from here in the summer of 2019.
In June, the Dutch land register revealed its intention to test blockchain technology for national real estate data in order to understand what "relatively new" technology means for the property domain. She expects that a string chain solution will be integrated three years. "
In November, industry leaders such as Bitso, Volabit, BIVA, GBM, Lvna Capital, ConsenSys and Exponent Capital created the Blockchain Association of Mexico. The goal of the organization is to educate citizens about the deployment of technology and its potential applications, as well as the development of standards and practices before technology is widespread.
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