Overstock.com subsidiary MLG signs MOU with Lusaka City Council
Overstock.com announced that Medici Land Governance, or MLG, its blockchain subsidiary focused on land administration, has signed a memorandum of understanding, or MOU, with the Lusaka City Council, or LCC that will lead to the issuance of no fewer than 250,000 certificates of title related to real property under the jurisdiction of LCC in and around the capital city of Zambia. In addition to establishing a titling process that builds on the 50,000 homes upon which MLG collected governance information in the fall of 2018, the MOU calls for developing and deploying a land information management system to handle title transfers, title searches and other transactions. The MOU stipulates a revenue sharing arrangement between the Lusaka City Council and MLG. Under the terms of the MOU, 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. Data related to issuance of occupancy licenses, deed titles, payments and other revenue-generating transactions will be posted on a blockchain. The data will be accessible on an open source mobile platform to land owners, government agencies, local authorities, and private sector interests.