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Operator
Good day, and thank you for standing by. And welcome to the Q1 2021 Overstock.com, Inc. earnings conference call. [Operator instructions] Please be advised that today s conference is being recorded.
[Operator instructions] I would now like to hand the conference over to your speaker today, Ms. Callahan, director of investor relations. Please go ahead.
Alexis Callahan
Director of Investor Relations
Thank you, operator. Good morning, and welcome to Overstock s first-quarter 2021 earnings conference call. Joining me today are Jonathan Johnson, CEO; and Adrianne Lee, CFO. Dave Nielsen, our president of Overstock, will also be available for Q&A.
Please note that we are conducting today s call remotely. Let me remind you that the following discussion and our responses to your questions reflect management s views of today, April 29, 2021, and may include forward-looking statements. Actual results may differ materially. Additional information about factors that could potent
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April 29, 2021
Medici Land Governance (MLG) has partnered with the Government of Rwanda to pilot a project that aims to make land transfers a paperless process. For the pilot, MLG has built a land transaction platform on blockchain called Ubutaka, which will be integrated with Rwanda’s existing land registry infrastructure.
Inefficient and inaccurate land registry systems are a common challenge in many developing countries. The loss of paperwork often prevents land owners from proving ownership, making people hesitant to invest in developing properties. Additionally, the lack of standardization and auditing in land management leaves the door open to corruption and fraud.
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Overstock.com’s blockchain subsidiary Medici Land Governance (MLG) launched a land administration pilot project using blockchain in the city of Monrovia, in Liberia. The pilot is a collaboration between the tech company, Liberia’s Land Authority department and the Ministry of Finance and Development Planning.
Lack of clarity in land ownership suppresses economic activity by diminishing investment in real estate and making landowners reluctant to spend on property maintenance.
MLG’s initiatives aim to democratize land ownership, especially in developing countries, by enhancing the efficiency and accuracy of land recognition and recording it using blockchain technology. The company has projects in Africa, Mexico, and other regions for land titling and administration. In Zambia, for example, MLG is in a ten-year collaboration with the government and is expected to issue land titles to millions of landowners in the country.
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