Overstock.com, Inc. (NASDAQ:OSTK) announced that Medici Land
Governance (MLG), its blockchain subsidiary focused on land
administration, has signed a Memorandum of Understanding (MOU) with
the Lusaka City Council (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 simplified, time-sensitive, and
streamlined 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.
MLG recently completed a proof of concept project with Zambia’s
Ministry of Lands and Natural Resources which has facilitated the
subsequent process, currently underway, of issuing 50,000+
certificates of title related to real property in and around
Lusaka. One of the fastest growing cities in southern Africa,
Lusaka has a population of at least 2.5 million in its metropolitan
district.
“We are thrilled to extend our collaboration with the leaders of
Lusaka, especially the city council and the mayor, who have
graciously placed their confidence in this groundbreaking
initiative,” said Ali El Husseini, PhD, CEO of Medici Land
Governance. “Last year, Lusaka was the site of our first project
and we look forward to working with city planners to show how
blockchain and a digitized land administration system can transform
the ways governments (especially local governments) and businesses
operate along with giving individuals new opportunities for
economic mobility and empowerment.”
“There is no more noble fulfilment to me than being part of a
project that will empower Lusaka residents with housing ownership,”
said Miles Sampa, Mayor of Lusaka. “While partnering with Medici
Land Governance, we shall not leave anyone behind in the drive to
create real sustainable wealth for families.”
Overstock CEO and founder Patrick M. Byrne said, “I believe this
is a very big deal. Rule of Law begins with good land governance,
which permits capital to come into existence, which is the first
step of the process by which Less Developed Countries can emerge
from poverty. It also permits local governments to develop their
first proper tax revenue base to support the services which their
citizens desire. This agreement with Lusaka City Council will
allow Medici Land Governance to implement its world-leading
blockchain land governance technology to accelerate economic growth
in Zambia’s capital through proper, accurate, inexpensive land
governance. As importantly, for us it is a demonstration project to
show not just Lusaka, but Zambia, the rest of Africa, and beyond,
the benefits of land governance.”
Medici Land Governance was founded in 2018 to put the power of
property ownership and equity into the hands of citizens by
applying blockchain and other technologies to provide low-cost,
easy-to-use land titling and administration systems. MLG is a
subsidiary of Medici Ventures, Overstock.com’s wholly-owned
blockchain accelerator. Medici Ventures’ mission is to introduce
blockchain 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 blockchain and other
technologies to reduce transactional friction. Medici Ventures’
network of companies are introducing blockchain technologies to
industries such as capital markets, money and banking, identity,
property, voting, and supply chain.
About Overstock.com
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Series A
Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B
Preferred (OTCQX:OSTBP) is an online retailer and technology
company based in Salt Lake City, Utah. Its leading e-commerce
website sells a broad range of new products at low prices,
including furniture, décor, rugs, bedding, home improvement, and
more. The online shopping site, which is visited by nearly 40
million customers a month, also features a marketplace providing
customers access to millions of products from third-party sellers.
Overstock was the first major retailer to accept cryptocurrency in
2014, and in the same year founded Medici Ventures, its
wholly-owned subsidiary developing and accelerating blockchain
technologies to democratize capital, eliminate middlemen, and
re-humanize commerce. Overstock regularly posts information about
the company and other related matters on the Newsroom and Investor
Relations pages on its website, Overstock.com.
About Medici Land Governance
Medici Land Governance leverages blockchain and other
technologies to support land governance, titling, and
administration with a secure public record of land ownership. With
land records stored on the blockchain, land ownership is
standardized and can be recognized by local and global economies.
Blockchain applied to land improves lives, stimulates economies,
and strengthens communities. Medici Land Governance supports
agencies in the digitization of their current records, engendering
trust and security in data by diminishing human error and
accidental damage to records.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. O.biz and Space Shift are also
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the
property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended March 31, 2019, which was
filed with the SEC on May 9, 2019, and any subsequent filings with
the SEC.
Media Contact:pr@overstock.com
Investor Contact:ir@overstock.com
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