Overstock Rwanada launches Blockchain's land rights platform


rwanda blockchain overstock

Doctors Ventures is a wholly owned subsidiary of Overstock, one of the most criptovalute companies in the world, whose CEO has often promoted the use of bitcoins and other encrypted ones.

Medici is specifically geared towards blockchain activities, development and technology, and on Thursday signed a second Memorandum of Understanding with the Rwandan government (in particular the Authority for Land Use and Management, and the Information Society) for the development of a land management based on blockchain and property rights platform. In short, the blockchain will be used to secure land rights and keep track of ownership of property under the direction of the African nation's government.

Land Governance: a key market for blockchain

It is not the first company to make any effort in this direction – Factom has pursued similar goals for years and could be considered a competitor of Doctors in this sense – but it is the last.

According to a press release received from CCN, the platform will be called Medici Land Governance (MLG) and the company will help the government to integrate it into existing systems and architectures. Doctors has the task of "developing a paperless system based on electronic signatures and digital housing of surveys for administrative processes concerning rights and transfers". They argue that it will increase direct interaction between government and private landowners through simpler communication.

"The GML will also help Rwandan officials to refine existing land governance processes, including the streamlining of ties between courts, government registries and public institutions, and MLG will create interfaces with the country's tax authorities and the system. information on the administration of the country's existing territory to ensure smooth workflows and reduce and eliminate delays in processing. "

The press release also states that the blockchain in question will be used for the transfer of assets and records, although it does not explicitly state that in these transactions will be used token blockchain as bitcoin or ethereum. A mobile platform will be developed that will have the ability to accept payments.

Time will tell if the government of Rwanda, which uses a native franc as currency, will decide to switch to "full bitcoin" and allow it to pay taxes and other taxes in encrypted. At present, it would seem that at least real estate sales denominated in bitcoins should be legal.

"This agreement with the Rwandan government creates an exceptional opportunity to show how blockchain can be used to lift people out of poverty," said Overstock CEO Patrick Byrne. "Rwanda has made enormous progress in standardizing land declarations by maintaining a land register that facilitates the process of doing business in Rwanda."

Byrne concluded:

"I believe that the resolution of this problem will trigger a cascade of positive developments: so much capital will be liberated in the hands of the poor, and they will free themselves from poverty.We can not wait to bring the benefits of blockchain to the poor throughout the world. 39; Africa and the world ".

Images from Shutterstock

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