In the feel-good crypto news of the day, one of the most promising economic development-promoting ideas may have seen one of its first tangible steps forward thanks to blockchain technology.
In December 2017, Overstock’s Medici, Inc. and Hernando de Soto created a joint venture to bring to life de Soto’s groundbreaking ideas about how to help the poor in developing countries by better protecting their property rights through blockchain technology.
De Soto’s key insight is that many of the poor people in the developing world are struggling not because of global capitalism (as many believe) but because of their lack of the capacity to participate in it. The legal systems of many countries make it too cumbersome for the poor to define and protect their titles to land and other assets. The blockchain can obviously help better reflect those rights at a much lesser cost and minimizing the role of potentially corrupt officials.
Today, Medici Land Governance signed a memorandum of understanding with the municipality of Tullum in Mexico with a view to develop a blockchain-based property rights register for a defined zone of the municipality. The core idea is to reflect the real distribution of the property rights and to create procedures for automatic administration of transactions.