Overstock's land registration agency will work with Tulum municipality in Quintana Roo, Mexico, to develop a land registration platform.
blockchain was previously used by the government in the UK to register land. It will also use the Overstock blockchain with the Mexican government.
As a result of this agreement, a digital platform will be developed to collect land registration data and issue certificates to public owners. This platform will be developed as a partnership between the Medici Land Governance (MLG) and the Tulum municipality in Quintana Roo. Over time, the platform will cover the automatic storage of public domain transactions such as transfer of ownership.
This new partnership will save time and energy in the organization of the land registration process, and will help prevent disagreements.
Víctor Mas Tah, mayor of Tulum said:
Için The signing of this Memorandum of Understanding between the Municipality of Tulum and the Medici Land Governance represents the beginning of a new regional ordering phase for the digitization of land ownership and related processes. “
Land ownership is often one of the most complex parts of public life. The transfer of ownership is not properly documented. Therefore, it is not surprising to see disputes over land ownership over the past month and even over the years. For this reason, land registration was adopted so intensively by world governments such as New South Wales and even Zambia, which had signed a similar memorandum of understanding with MLG.
Written in a press release:
”Without formal ownership, while individuals have difficulty in accessing credit and public services, governments are limited in their ability to collect taxes, implement property rights and plan for economic expansion and innovation.“
Governments have a benefit for themselves; With a secure deed registration process, they can access better international opportunities and attract investors easily. This belief was supported by Ali El Husseini, CEO of Medici Land Governance:
”The adoption of advanced technology by Mexico in the land registry will increase the opportunities for individuals to strengthen their links with the global economy with the rightful ownership of the land.“
Source: btcmanag is