Plus   Neg

Overstock.com To Build Blockchain-based Land Registry In Zambia


Overstock.com's blockchain-meets-property rights subsidiary, Medici Land Governance, will create systems in the southern African country of Zambia to collect and easily secure property ownership information using blockchain. Medici Land will provide a secure and decentralized land and property registry.

A Memorandum of Understanding to this effect has been signed between Medici Land and Trevor Kaunda, Permanent Secretary of the Ministry of Land and Natural Resources in Zambia.

"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," said Medici Land CEO, Dr. Ali El Husseini.

The MOU envisages developing a blockchain-based land titling program that includes a mobile platform and capabilities for mobile payments. The platform should also be ready for accommodating new regulations and data collection as and when there are changes in city planning and land use.

Zambia, like many other developing countries around the world, struggles with low levels of participation in formal land registry systems, which is a major barrier to financial inclusion.

Without formal ownership, individuals struggle to obtain access to credit and public services, while governments are limited in their ability to collect taxes, enforce property rights, and plan for economic expansion and innovation.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT