Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
Fri, 24 May 2019, 04:06 am UTC
The Lusaka City Council (LCC) has inked a Memorandum of Understanding (MOU) with Medici Land Governance (MLG), Overstock.com’s blockchain subsidiary focused on land administration, for the issuance of 250,000 certificates of title related to real property under its jurisdiction.
Last year, MLG signed an MOU with Zambia’s Ministry of Lands and Natural Resources to develop a blockchain-based land titling program. In its latest press release, it said that it has recently completed a proof of concept project with the ministry, which led to a subsequent process, currently underway, involving the issuance of over 50,000 certificates of title related to real property in and around Lusaka.
The MOU with the LCC builds upon this ongoing project and calls for the establishment of an easy, time-sensitive, and streamlined titling process. It will also see the development and deployment of a land information management system to handle title transfers, title searches, and other transactions.
The new system will record data relating to issuance of occupancy licenses, deed titles, payments and other revenue-generating transactions on a blockchain. This data will then be accessible on an open source mobile platform to various stakeholders including land owners, government agencies, local authorities, and private sector interests.
“Last year, Lusaka was the site of our first project and we look forward to working with city planners to show how blockchain and a digitized land administration system can transform the ways governments (especially local governments) and businesses operate along with giving individuals new opportunities for economic mobility and empowerment,” said Ali El Husseini, PhD, CEO of Medici Land Governance.
According to the press release, the MOU stipulates a revenue sharing arrangement between the LCC and MLG. The parties will work together to execute a definitive agreement within 90 days. The agreement is open ended, subject to review every two and a half years.
“There is no more noble fulfilment to me than being part of a project that will empower Lusaka residents with housing ownership,” said Miles Sampa, Mayor of Lusaka. “While partnering with Medici Land Governance, we shall not leave anyone behind in the drive to create real sustainable wealth for families.”
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