Rwandan govt., Overstock subsidiary Medici Land Governance sign MOU to implement blockchain property rights, land governance management

SALT LAKE CITY, Utah, November 21, 2018 (GLOBE NEWSWIRE) — Rwanda Information Society Authority (RISA) and Rwanda Land Management and Use Authority (RLMUA) have signed a Memorandum of Understanding (MOU) with Overstock.com, Inc.’s blockchain-meets-property rights subsidiary, Medici Land Governance (MLG).

Founded as a portfolio firm of Medici Ventures, Overstock’s blockchain technology accelerator, in 2018, MLG aims to assist individuals all over the globe in connecting with the world economy by utilizing blockchain and other technologies to help record rightful property ownership.

It is MLG’s second MOU with an African country to build a blockchain-based platform to manage property rights and land governance.

According to a press release CoinReport received from Method Communications, Medici Ventures’ PR firm, this latest MOU will see MLG implementing its technology to move Rwanda to a corruption-proof, paperless, blockchain-based, secure land governance system.

MLG will assist the government of Rwanda in incorporating blockchain and other technologies into its current systems, creating a paperless system that utilizes electronic signatures and digital lodging of surveys for the administrative processes that affect land transfers and rights. This system will allow for more direct communication among government entities and private landowners, using the distributed and decentralized blockchain to make sure transfer of assets and records are secure.

Rwandan officials will also get help from MLG to improve current land governance procedures, including streamlining the connections among the related courts, government registries and public institutions. Moreover, MLG will develop interfaces with Rwanda’s tax authorities and the present land administration information system of the country to make certain workflows are smooth and to minimize and eradicate processing delays.

Strategies for the project’s full scope include creating a blockchain-based platform with mobile capabilities, including payments. The project will accommodate simplified data collection and regulations to help government decisions regarding land use and city planning.

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.

About Overstock.com

Overstock.com, IncCommon 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.

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.

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Source: Overstock.com, Inc.