Tulum municipality signs MOU with Overstock.com’s blockchain subsidiary Medici Land Governance

Medici Land Governance, a blockchain subsidiary of Overstock.com focused on land administration, has signed a Memorandum of Understanding (MOU) with the municipality of Tulum in Quintana Roo, Mexico to develop a digital land records platform.

Under the MOU, the entities will work closely to collect real property ownership information for a defined area of Tulum Municipality to protect the land rights of its citizens, resulting in a mass issuance of certificates of title to land and related processes.

They will also co-develop a method for automatically capturing and recording subsequent land administration transactions and updates to the digital platform.

“The signing of this Memorandum of Understanding between the Municipality of Tulum and Medici Land Governance represents the beginning of a new territorial ordering stage for the digitalization of land ownership and related processes,” said Víctor Mas Tah, mayor of the municipality of Tulum, Quintana Roo, Mexico.

Founded in 2018, Medici Land Governance is a portfolio company of Medici Ventures, Overstock.com’s wholly-owned blockchain subsidiary. It aims to leverage blockchain and other technologies to provide low-cost, easy-to-use land administration systems and put the power of property ownership and equity into the hands of the masses.

“Medici Land Governance’s next-generation land administration systems provide an egalitarian solution to the problem of developing a digital property titling platform that is reliable and secure, bringing trust through technology to Tulum County and its surrounding areas,” said Medici Land Governance CEO, Ali El Husseini, PhD.