Medici Land Governance Signs MOU with St. Kitts and Nevis Government for a Cadaster System, Incorporating High-Resolution Aerial Imagery Technology
Overstock.com, Inc. announced that Medici Land Governance (MLG), its block chain subsidiary focused on land administration, has signed a Memorandum of Understanding (MOU) with the Government of St. Kitts and Nevis to develop a cadaster system incorporating high-resolution aerial imagery of St. Kitts’ parcels to be integrated into their current land administration system. A cadaster is a visual representation of land and other real property showing the location and extent of property often with imagery and diagrams.
“This is another auspicious achievement as Medici Ventures advances its innovative mission to build a foundation of block-chain technology with an empowering impact on the daily life, business, governance, and economy of nations. This agreement between St. Kitts and MLG is in addition to the precedent-setting agreement our blockchain-meets-central banking company Bitt signed earlier with the Eastern Caribbean Central Bank, also headquartered in St. Kitts,” said Jonathan Johnson, CEO of Overstock and president of Medici Ventures. “Our technology stack for civilization is getting traction in this forward-looking country.”
As part of the larger group of 18 keiretsu companies under Medici Ven-tures, MLG’s expertise in block-chain-based land administration incorpo-rates numerous specialized technologies. For this project, MLG will capture and incorporate high-resolution aerial imagery into a cadaster system that St. Kitts can integrate with its land administration system. This will significantly aid in estimating property and building size and value, and by taking into account St. Kitts’ valuation and assessment policies, the government can derive more accurate information for taxation and land-related revenue generation.
“MLG is delighted to play a substantial role in St. Kitts’ significant undertaking of institutionalising a true 21st century land administration system,” said Ali El Husseini, PhD, CEO of Medici Land Governance. “This project is an excellent opportunity for MLG to demonstrate the technological expertise of a major component of its services and products for high-tech land information and management systems, which can empower the economic potential individually and collectively in many countries.”
With this project, MLG continues to expand its global presence with ongoing projects in Zambia, Rwanda, Liberia and Mexico. Earlier this year, MLG completed a project in Wyoming’s Teton County, making it the first county in the U.S. to record land information (including warranty deeds, mortgages, release of liens, and other similar documents), on a blockchain platform.
Medici Land Governance was founded in 2018 to put the power of property ownership and equity into the hands of individuals by applying block-chain and other technologies to provide low-cost, easy-to-use land administration systems. MLG is a subsidiary of Medici Ventures, Overstock.com’s wholly-owned block-chain accelerator. Medici Ventures’ mission is to introduce block-chain technology to existing markets to democratize capital, eliminate middlemen, and re-humanize commerce.
Today, Medici Ventures oversees a global keiretsu of companies building the foundation of a technology stack for civilization based on trust systems that utilize block-chain and other related technologies instead of rent-seeking middlemen. Medici Ventures’ network of companies are introducing block-chain technologies to industries such as identity, land governance, money and banking, capital markets, supply chain, and voting.
