In an official announcement on July 31, Overstock.com revealed that its blockchain-meets-property rights subsidiary Medici Land Governance (MLG) has inked a Memorandum of Understanding (MOU) with Trevor Kaunda on behalf of Zambia, where he is Permanent Secretary of the Ministry of Land and Natural Resources.
The First Step
The signed memorandum will allow MLG to help the African country in creating a program for systematic land governance within the country. With the use of blockchain and other technologies, the Overstock subsidiary would be able to “collect and easily secure property ownership information.”
The African country admits to the difficulties in crafting formal land registry systems, and the signed partnership would allow the Zambian Ministry of Land and Natural Resources to become a “real, sustainable game-changer in reducing poverty and supporting economic development on a large scale,” remarked Dr. Ali El Husseini, CEO of MLG.
According to Dr. Ali, the first step in reducing global poverty is through the creation of a secure and stable way to record land and property rights. This can be done through blockchain technology and other complementary technologies.
Dr. Ali continued:
“I look forward to a future where all land and property services—including municipal tax collections, and mortgages—are managed on a secure, user-friendly system that provides equal access for all people.”
MLG is expected to deliver digital and printed certificates of title to the Ministry by November 30 as proof of concept for a systematic, smooth process to speed up Zambia’s land titling program.
Adept At Leveraging Blockchain
Since its launch in 2014 as an Overstock subsidiary, Medici Ventures has proven to be adept at leveraging blockchain technology in providing solutions to longstanding global problems with transparency, efficiency, and security. Proofs of its competence are its brainchildren tZERO, Peernova, Bitt, Factom, IdentityMind, SettleMint, Spera, and Symbiont. MLG, founded only this year, is the 14th portfolio of Medici Ventures.
“In my first public talk on blockchain… I spoke about an early application I envisioned for the technology—utilizing it to lower barriers of entry to the global economy by providing secure and decentralized land and property registry,” said Dr. Patrick Byrne, Overstock.com CEO and Chairman of MLG. “This agreement with the Zambian government is a tremendous leap toward a global economy that achieves trust through technology to the benefit of all people.”
Blockchain technology is slowly, albeit surely, being adopted in Africa as a welcome disruptor for its many processes and eons-old systems. With many of its countries staring hunger and poverty and AIDS in the eye, many more are turning to the said technology for deliverance.
For other blockchain developments in the said continent, head over here to our cryptocurrency news site.