Land registries are one of the best candidates to transition from outdated paper-based systems to state-of-the-art blockchain based systems. Now, it seems that Overstock is helping many municipalities make the jump. This time the municipality of Tulum in Quintana Roo, Mexico has teamed up with Overstock to develop a blockchain based land registry platform. Overstock’s blockchain land registry arm – Medici Land Governance (MLG) – will start developing the system and preparing for all land transactions to be automated.
Resolving Age Old Conflicts
By providing land-owners with a digital certificate that verifies and proves ownership of land, MLG is helping to remove age-old conflicts from the modern world. Large parcels of land are often fought over in Mexico due to poorly kept records, most of which are barely accessible. This has led to turf wars and infighting amongst communities. By tokenizing land and storing registry information on a blockchain, access to this important information will become easier and more obtainable, ending these turf wars.
Wyoming Already Teaming up With Medici Land Governance
Teton County out in Wyoming has already partnered up with MLG in a bid to make managing land cheaper and easier. All land records from 1996 onwards will be transferred to the new blockchain based platform to ensure that land administration is a low-cost and lightning-quick process. Wyoming is already seen as a blockchain and crypto pioneer, and this new blockchain land registry platform cements its status as a pioneer. Wyoming’s land registry blockchain from MLG is set to launch towards the middle of this year, giving Teton county time to train on the new system.
Overstock Changing the Future
Towards the end of 2018, Overstock declared that it was going all out with crypto and blockchain, causing its shares to surge 26% on the news. Since then, MLG has signed deals with municipalities from all around the world, holding true to Overstock’s promises. In fact, in January 2019, Overstock became the first American company to pay its corporate taxes in Bitcoin. Overstock is clearly dedicated to ensuring blockchain technology and cryptocurrencies permeate every layer of society to its benefit.
While Mexico isn’t renowned for its blockchain regulations or use of blockchain, this partnership between the municipality of Tulum and MLG is the beginning of a new adventure for Mexico. If the project goes well and finds success, it’s likely that other municipalities from around Mexico will quickly sign deals with MLG for similar applications.