Yesterday, Overstock.com’s blockchain subsidiary Medici Land Governance (MLG) signed a deal with the government of West Indies nation St. Kitts and Nevis. MLG will integrate high-resolution aerial images of the country into a blockchain-based land registry. This way, St. Kitts and Nevis can more accurately track property ownership and value.
Founded last year as part of Overstock’s blockchain fund Medici Ventures, MLG focuses on leveraging the technology to create an immutable and standardized land ownership log. It already boasts projects in the US, Zambia, Rwanda, Liberia, plus a deal with the local government of Tulum, Mexico.
Now, the firm will build a land registry blockchain with the additional functionality of aerial images. The images will form a cadaster system, which incorporates aerial photos and diagrams to represent property.
Though a small island nation, of around 100 square miles, St. Kitts and Nevis has mountains, rainforests, and hills next to arable land and residential areas. This variable geography makes tracking the borders of land ownership difficult.
“MLG is delighted to play a substantial role in St. Kitts’ significant undertaking of institutionalizing a true 21st century land administration system,” said Ali El Husseini, CEO of MLG.
Overstock’s CEO, Jonathon Johnson, stated: “This is another auspicious achievement as Medici Ventures advances its innovative mission to build a foundation of blockchain technology with an empowering impact on the daily life, business, governance, and economy of nations.”
In fact, Overstock has presence in St. Kitts already. Another of its blockchain arms, Bitt, is working on the island.
In Johnson’s words: “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.”
Overstock’s Medici Ventures has funded several blockchain firms, including Evernym and GrainChain. Though its relatively young subsidiary MLG is not the only tech firm in land registration. The UK chose Corda for its successful project, while last week Tech Mahindra announced it is working with the UEA for land records.