Overstock Subsidiary Runs Pilot Test for Blockchain Project to Boost Economy in Liberia

By Emily Rys | June 12, 2019

Medici Land Governance – a subdivision of the giant, US-based internet retailer Overstock – has reportedly agreed on a memorandum of understanding (MoU) with Liberia, in an effort to help the governmental services of the country go digital.

According to a news release on June 10th, the MoU will establish a pro bono pilot project in Liberia, which will analyze the methods to help boost Liberia economy, as well as strengthen the interoperability of Liberian governmental bodies via the use of blockchain. Apart from exploring the nation’s ability to generate additional revenue, the project can also help combat corruption in the country.

During the project, Liberian local resources will be receiving extensive training to form sustainable jobs, as well as making sure the blockchain-based networks will function normally, once the country is free to self-operate.

“Liberia is well-positioned to explore implementing a blockchain backbone for e-government, which connects the various government ministries as their services are digitized and brought online.” Medici Land Governance CEO El Husseini claimed.

Patrick M. Byrne – chairman of Medici Land Governance and Overstock.com CEO – has revealed that Liberia is the third nation in Africa to run pilot phases for blockchain-based tools.

“In 2019 I have been pleased and honored to see African nations growing enthusiastic about the possibility of using blockchain to accelerate their development.” Byrne further stated regarding the announcement.

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