The government is going to take advantage of this tourist region located in Quintana Roo, on te Mayan Riviera
The Tulum Town Hall, in Mexico, joined a subsidiary of the electronic commerce company Overstock. Both institutions signed a “memorandum of understanding” and their objective is to design a digital registry of local lands based on cryptoactives technology.
The Mayor of Tulum, Víctor Mas Tah, and the CEO of Medici Land Governance (MLG), Ali El Husseini, were the ones who signed the agreement. This company, which will work together with the municipality, is a subsidiary of the Overstock venture capital administrator, Medici Ventures. It will be in charge of developing the new registration system. This was announced by the U.S. corporation in a press release published this Monday, February 4th.
On this issue, Ali El Husseini said that “the adoption by Mexico of advanced technology in its land registry will increase the opportunities for people to strengthen their connections with the global economy”.
Part of the agreement is that Medici Land Governance and the Municipality of Tulum, in Quintana Roo, will develop a digital platform to collect property data about real estate in a defined area of Tulum, land title certificates and related procedures.
After complying with these steps, the parties plan to create together a method to secure and automatically store the transactions and updates of the land administration, in order to safeguard the information, which would be always safe and available.
The collection of real estate property data will be done by the municipality’s staff and Medici Land. This information will be incorporated into a register based on blockchain, which will allow structuring any land administration system and issuing ownership certificates efficiently and massively.
According to the press release, when the project with the city of Tulum materializes, municipal officials will be able to benefit from a method to capture and record in an automated way the transactions made later and related to land ownership.
The startup, founded in 2018, has worked in partnerships with local governments in Zambia (Africa) and Rwanda (central Africa) to develop distributed land administration systems. Last December, this company signed an agreement with the authority of a town in Wyoming, United States, to develop a similar project. MLG has experience in the storage information sector, about land registration.
Tulum is a municipality in the Mexican State of Quintana Roo, located on the Caribbean coast of Yucatan, in the famous Mayan Riviera, and which has potential not only for tourists, but also for the land registration since it is in the middle of the hotel zone and national and international tourism.
Mayor Víctor Mas Tah declared that with the signing of the Memorandum of Understanding, “a new stage of territorial ordering for the digitalization of land ownership and related processes begins”.
In November 2018, it became known that Overstock, an online retail store with more than twenty years of operation, would focus its business on the cryptoactive sector. On January 24th, 2019, one of its subsidiaries, the crypto company that works with tZERO tokens, launched its security token through the secondary trading platform, PRO Securities.
This is how this American company took its steps towards the world of cryptocurrencies and the blockchain, to which the town of Tulum has just joined, as do other countries in the world.
By María Rodríguez