Medici Land Governance (MLG), a blockchain-based property rights subsidiary of e-commerce giant Overstock.com, has signed a Memorandum of Understanding (MOU) with the government of Zambia to develop a program for systematic land governance within the country.
Founded in 2018, MLG is the 14th portfolio company in Medici Ventures, Overstock’s blockchain technology accelerator. It has signed the MOU with Trevor Kaunda, Permanent Secretary of the Ministry of Land and Natural Resources in Zambia.
Under the agreement, MLG will use blockchain and other technologies to create systems to collect and easily secure property ownership information. The benefit from such a system will be two-fold – for individuals, formal ownership will help facilitate access to credit and public services, while for governments it would enhance the ability to collect taxes, enforce property rights, and plan for economic expansion and innovation.
The project will involve developing a blockchain-based land titling program that includes a mobile platform and capabilities for mobile payments. The platform will accommodate streamlined regulations and data collection to assist future government decisions around city planning and land use.
“This momentous partnership with the Zambian Ministry of Land and Natural Resources has the potential to be a real, sustainable game-changer in reducing poverty and supporting economic development on a large scale,” said Medici Land Governance CEO, Dr. Ali El Husseini. “At Medici Land Governance, we believe that the first step toward reducing global poverty is to build a secure and stable way to record land and property rights, and using our expertise in blockchain, mobile apps, and other technologies, we are building the technology that can do that.”
According to the official release, MLG will deliver title certificates in digital and printed form to the Ministry by November 30, 2018, which will serve as proof of concept for a systematic, streamlined process to scale up the country's land titling program.
