A Blockchain-related land registry subsidiary of the retail giant Overstock has signed an MOU (Memorandum of Understanding) in Mexico to start a digital land records platform. The news about the collaboration between Overstock’s subsidiary and Mexico was revealed via a press release on February 4. Nasdaq published this report.
The municipality of Tulum, Mexico and the MLG (Medici Land Governance) will collaborate to develop a digital platform that will handle the problems regarding the gathering of real property ownership information, issuing certificates of land titles and related proceedings. The involved organizations will further develop a system that collects and stores land administration updates and transactions.
The Mayor of the Municipality of Tulum Víctor Mas Tah quoted:
“This MOU represents the start of a fresh territorial ordering stage for in a bid to digitization and ownership as well as related processes.”
In August 2018, MLG signed a somewhat similar collaboration with the Zambian government. The objective of the program is to work on the problem of overhauling land ownership, letting rural landowners legitimize their estates. With no formal ownership, an individual 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.
Some jurisdictions have adopted the Blockchain technology deployment in the land registry and real estate on a global scale. The Australian state of New South Wales has announced that it is set to implement the proof-of-concept for a Blockchain-based land registry system as of 2019.
In June 2018, the land registry of the Netherlands reported that it plans to test the Blockchain technology for its national real estate data. The country is expecting a Blockchain solution is going to be integrated into its system in a few years.
The goal of the Blockchain Association of Mexico is to educate the country’s citizens about the technology’s benefits and the potential applications for the technology as well.
The blockchain is a shared ledger that is immutable and secure. It can increase the data security and efficiency of any business network. It allows fast and secure transactions that cannot be tampered.
No transaction recorded in this shared hyperledger can be deleted. Only transactions can be reversed with the help of a new transaction.