• Fri, 15 Nov 2019, 12:30 AM
  • All times are UTC
  • Edition:
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.
  • Bitcoin (BTC) $8,710.61 (-1.11%)
  • Ethereum (ETH) $186.11 (-1.10%)
  • XRP (XRP) $0.270200 (-1.04%)
  • Bitcoin Cash (BCH) $280.11 (-2.02%)
  • Litecoin (LTC) $59.59 (-2.43%)
  • Bitcoin (BTC) $8,710.61 (-1.11%)
Nov 14, 2019 (Thursday)
Amun AG launches Tezos ETP on Swiss SIX Exchange; makes available 7 crypto ETPs on Boerse Stuttgart
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Samsung SDS integrates QEDIT’s private asset transfer solution with Nexledger blockchain
Crypto Technicals: BTG/USD slips lower to test 4H 200 SMA, break below to see more downside
ASX-listed firm DigitalX launched new bitcoin fund
Telegram denies all SEC allegations concerning its gram token and sale
Crypto Technicals: XMR/USD pauses shy of 110-EMA (67.251), break above to fuel more gains
AFME calls for a common approach for regulation of crypto-assets in Europe
Crypto Technicals: XRP/USD edges higher from fresh 3-week lows at 0.2565, bias strongly bearish
Chinese bitcoin mining giant Canaan seeks to raise $100M in US IPO
Crypto Technicals: LTC/USD breaks below 21-EMA, eyes 50-DMA at 57.28
Crypto data provider Messari raises $4M from Uncork Capital, Coinbase Ventures and others
Crypto wallet startup Bitski secures $1.8M from Winklevoss Capital, Coinbase and others
Crypto Technicals: BTC/USD confined to narrow range trade, 5-DMA caps upside at 8814
Nov 13, 2019 (Wednesday)
CME sets January 13 as target date for bitcoin options launch
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
HSBC, SGX, Temasek explore DLT for end-to-end digitalization of fixed income securities
Crypto Technicals: LTC/USD trade rangebound, holds support at 21-EMA (60.12)
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.