According to reports, the Blockchain-related land registry subsidiary of retail giant Overstock has signed an MOU (Memorandum of Understanding) in Mexico to build a digital land records initiative. The news about the collaboration between Overstock.com’s subsidiary and Mexico was initially revealed via a press release that was published by Nasdaq on February 4.
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MLG and the Municipality of Tulum to Work Jointly Under the Accord
Under the collaborative effort, the municipality of Tulum in Quintana Roo and the MLG (Medici Land Governance) will work jointly to develop a digital platform that will be open to the issue of gathering real property ownership information, issuing certificates of land titles and related proceedings. As per the report, at some point later into the process, the parties will reportedly develop a mode of automatically collecting and storing land administration updates and transactions.
Municipality of Tulum Mayor: MOU Stands for the Foundation of a New Territorial Ordering Phase for Digitization of Land Ownership
The Mayor of the Municipality of Tulum Víctor Mas Tah says that this MOU “represents the start of a fresh territorial ordering stage for in a bid to digitization and ownership as well as related processes.”
Back in August of 2018, MLG signed a similar collaboration with the Zambian government. The objective of the program is to work on the issue of overhauling land ownership, letting rural landowners legitimize their estates and get a headway to financial services. The press release also outlined that “with no formal ownership, individuals will struggle to gain access to public services and credit, while governments will be limited when it comes to tax collection, enforcing property rights, and planning for economic innovation and expansion.”
The Blockchain technology deployment in the land registry and real estate has been adopted by a number of jurisdictions on a global scale as of October last year. The Australian state of New South Wales also announced that it was set to finally put final changes to the proof-of-concept for a Blockchain-based land registry system as of 2019. It is now obvious that there’s more interest in the Blockchain sector than there ever was.
The Netherlands Joins the List of Nations to Keep An Open Minded Approach to Crypto
Back in June 2018, the Netherlands’ Land Registry reported that it plans to test the Blockchain technology for its national real estate data in a bid to understand what the “new” technology brings to the table in the property sphere. The country is expecting a Blockchain solution is going to be integrated into its system “in one to three years.”
Finally, back in November of last year, industry leaders including the likes of Bitso, Volabit, Lvna Capital, ConsenSys, BIVA, GBM, and Exponent Capital moved to establish the Blockchain Association of Mexico. The goal of the Blockchain Association of Mexico is to educate the country’s citizens about the technology’s deployment and the potential applications for the technology as well. It is also designed to develop standards and practices to citizens before the technology finally becomes mainstream.