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Mexico to use Blockchain for Land Registration in Partnership with Overstock

Mexico to use Blockchain for Land Registration in Partnership with Overstock

Overstock’s land registration subsidiary will be working with the municipality of Tulum in Quintana Roo in Mexico to develop a land registration platform, as reported by Nasdaq, February 4, 2019.

Medici in Mexico

Blockchain has previously been used for land registration in the United Kingdom by the government, and now the same application will be used in Mexico after a Memorandum of Understanding (MoU) was signed between the Mexican government and Overstock’s Land registration division on February 4, 2019.

As a result of this agreement, a digital platform will be developed to collect land registration data and issue certificates to public landowners. This platform will be developed as a partnership between Medici Land Governance (MLG) and the municipality of Tulum in Quintana Roo. With time, the platform will also be involved in the automatic storage of public land transactions such as transfer of ownership.

Easing the Process

This new partnership will help in the organization of the land registration process saving time and energy and preventing disputes.

Víctor Mas Tah, mayor of the municipality of Tulum, Quintana Roo, Mexico said:

“The signing of this Memorandum of Understanding between the Municipality of Tulum and Medici Land Governance represents the beginning of a new territorial ordering stage for the digitalization of land ownership and related processes,”

Land ownership is one of the most complex parts of public life as oftentimes, transfers of ownership are not properly documented and as such, it is not uncommon to see disputes over land ownership last months and even years. This is why land registration has been so heavily embraced by world governments such as New South Wales and even Zambia who signed a similar memorandum of understanding with MLG.

At the time, a press release wrote:

“Without formal ownership, individuals struggle to obtain access to credit and public services, while governments are limited in their ability to collect taxes, enforce property rights, and plan for economic expansion and innovation,”

There is also a benefit to the governments themselves; by having a secure land registration process, they have access to better international opportunities and can easily attract investors. This belief has been backed up by Medici Land Governance CEO, Ali El Husseini, who said:

“Mexico’s adoption of advanced technology in their land registry will increase opportunities for individuals to strengthen their connections to the global economy through rightful ownership of land.”

Mexico to use blockchain for land registration in partnership with overstock

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Published at Wed, 06 Feb 2019 17:00:21 +0000

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FidentiaX Develops World’s First Tradeable Insurance Marketplace

People will soon be able to buy and sell insurance policies using the blockchain-based platform, fidentiaX, which is creating the world’s first tradeable insurance marketplace.

[Note: This is a press release.]

Most people do not know that insurance policies with cash value are tradeable on the market for higher returns. In 2014 alone, $57 billion (250,000 policies) of the estimated $112 billion USD of policies lapsed and surrendered could have been resold on the market. The minority of policyholders who know about this find it difficult locating interested buyers due to the absence of a recognizable marketplace for safe and secured transactions. Buyers looking to add policies to their investment portfolio are confronted with similar hurdles.

Limited options, lack of awareness, and accessibility have created an inequitable situation for policyholders. Insurance companies prefer that policyholders surrender their policies (thus releasing them from their sum-assured obligation) rather than encourage trading of these policies. fidentiaX aims to disrupt this status quo and break the tethers of the insurance companies by empowering policyholders to monetize their policies.

Leveraging blockchain technology and smart contracts, fidentiaX will help policyholders and investors build a portfolio of tradable policies with stable returns, while developing a trustless platform for trading of these policies.

There are many advantages of buying an insurance policy on the open market, for instance: stable returns (superior to a similar asset class with the same risk ratings), fixed tenure, liquidity, and low correlation with other asset classes.

fidentiaX will be the world’s first marketplace for tradeable insurance policies, creating a marketplace and repository of insurance policies for the masses. fidentiaX’s Policy Ledger breaks from the traditional reliance on intermediaries by creating a digital ledger for policyholders enabling them to:

  • Consolidate and manage insurance policies on a distributed ledger.
  • Creating an immutable record of available policies on the blockchain.
  • Premium payment alert
  • Coverage summary
  • Multi-signatory access for beneficiaries and trustees on mortality event

fidentiaX strongly believes that tradable policies should form part of any investment portfolio. To this end, the company will conduct periodic (minimum once a year) private sales for members only. Policies from the model portfolio will be auctioned for a minimum number of fidentiaX (fdX) tokens, and the auction will be open for members to bid on the policy (a real-world asset). The successful bidder will take ownership of the policy and could either cash out the policy or add that policy to their investment portfolio.

In the coming years, Asia will be the fastest-growing market for life insurance, with an estimated real annual compounded growth rate of 10.2 percent. fidentiaX will be focusing on building its brand within Asia before executing its global expansion strategy. Key focus countries within Asia are Hong Kong, Japan, Korea, Malaysia, and Singapore.

The establishment of the fidentiaX Open Source Foundation (FOSF) will build a framework for the community, by the community to serve the community. The FOSF aims to create an equal opportunity community of contributors from both developers and industry contributors. Using funds from the foundation, collaborators will develop freely available enterprise-grade insurance blockchain solutions to benefit millions of users and insurers worldwide. The core focus of the foundation is to develop, proliferate, and promote an open-source blockchain architecture that is not owned by any traditional large insurance institution or blockchain development firms.

fidentiaX is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Images courtesy of fidentiaX.

The post FidentiaX Develops World’s First Tradeable Insurance Marketplace appeared first on Bitcoinist.com.

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