• Thu, 20 Jun 2019, 09:48 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

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.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,254.03 (+1.13%)
  • Ethereum (ETH) $268.07 (-0.21%)
  • XRP (XRP) $0.429600 (-0.98%)
  • Litecoin (LTC) $135.15 (-1.80%)
  • Bitcoin Cash (BCH) $409.88 (-1.67%)
  • Bitcoin (BTC) $9,254.03 (+1.13%)
Jun 20, 2019 (Thursday)
09:42
QuadrigaCX co-founder Gerald Cotten used user cryptocurrency for own trading: EY Report
08:39
Blockchain firm Algorand's token sale raises $60M within four hours
07:33
Brazil seeks to curb tax fraud, publishes new rules for cryptocurrency exchanges
06:49
Open banking platform Token secures $16.5M strategic investment to transform payment industry
06:40
U.S. Senate schedules July hearing for Facebook's Libra crypto
06:36
Major JSTA-Securitize partnership aimed at boosting Japanese digital securities adoption
06:22
HSBC-Dubai blockchain partnership to shake up the retail industry
05:51
Blockchain dominates Singapore skills market in new LinkedIn report
05:28
New cryptocurrency auditing tool announced by PwC
05:06
Hard Core Fund secures 50 BTC to fund bitcoin developers
04:25
Cloudflare bets big on Ethereum, new gateway announced
03:59
Russia to soon approve cryptocurrency bill
03:45
Ethereum-powered video platform raises $8M in Series A funding led by Northzone
03:36
U.S.-based Monsoon Blockchain inks MOA with two Philippines government agencies DTI, DICT
03:32
India's TRAI may implement blockchain in mobile number portability
Jun 19, 2019 (Wednesday)
12:31
Block.one pays $30M for domain name of upcoming blockchain-based social media platform “Voice”
10:56
R3, ripe.io team up to enhance transparency and trust for food and agricultural supply chain using blockchain
09:42
Crypto Technicals: XMR/USD pares previous sessions' losses, close above $100 mark to propel further gains
09:32
Georgian government and universities team up with IOHK to explore blockchain potential
08:33
Crypto Technicals: ETH/EUR retraces with 'Hammer' formation, breakout at 50H SMA (240) to see further upside
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft