Medici Land Governance (MLG), a blockchain subsidiary of Overstock.com, Inc., an American internet retail giant headquartered in Midvale, Utah, near Salt Lake City, as per a recent press release statement on Feb. 4th 2019, signed a Memorandum of Understanding (MOU) with the municipality of Tulum in Quintana Roo, Mexico, to jointly develop a platform to digitize land records.
As per the MoU agreement, MLG will work together with the municipality of Tulum to develop a digital platform that’ll collect real estate property ownership data, issue certificates of title to land, and deal with other land-related proceedings. The two entities, as per the agreement, at a later stage will deal with the security and storage of data pertaining to land administration, transactions, and updates.
According to Víctor Mas Tah, Mayor of the Municipality of Tulum, the MOU is the beginning of a new territorial era, which will bring order to the land ownership and related processes, by digitization.
Last year, in Aug. 2018, MLG signed a similar MOU with the govt. of Zambia, to jointly work on overhauling land ownership. The approach greatly helped the rural population to legitimize their real estates and gain access to financial services, while also helping the government, by removing the tax collecting limitations, enforcing property rights, and help them plan for economic expansion and innovation.
The implementation of the Blockchain tech in the real estate sector is being increasingly adopted all around the world. Last year in Oct. 2018, the govt. of New South Wales (NSW), Australia, announced it plans to complete a proof-of-concept for a blockchain-based land registry platform by summer of 2019.