Overstock’s blockchain subsidiary, Medici Land Governance (MLG) has signed a joint agreement with Trevor Kaunda, secretary of the Medici Land Governance has teamed up with the Zambian government to create a “blockchain land title registry”.
According to the memorandum, MLG has committed itself to provide Zambia with a “land governance program that collects and secures property ownership information using blockchain.”
As a result of the partnership, MLG will engage in the transmission of title documents in electronic as well as printed form to the Zambian government until 30 November 2018 to be used as a proof-of-concept for an up-to-date processing, as reported by Globe News Wire.
Founder and CEO of Overstock.com, Patrick Byrne, claimed in an announcement that the project aims to sustain the country to meet global economy standards, and the first step will be the adoption of modern technology.
“Such a registry would allow individuals across all socioeconomic classes to build equity and leverage it to their benefit, as it has done in the West for generations,” he added.
The Eastern African country, Zambia, faces a lower level of participation in legal ownership registry schemes, which, according to some specialists, would block economic development across the country.
MLG is the 14th firm created under the supervision of Medici Ventures, an Overstock.com blockchain-based subsidiary. The latter stays behind blockchain projects such as tZero, Peernova, Bitt, SettleMint, and Factom.
Patrick Byrne has previously collaborated with Peruvian financial expert Hernando de Soto to create the land rights system dubbed by De Soto Inc. Thus, about 5 billion citizens were granted with admission to global capital markets.