Medici Land Governance, Liberia Government Launch Pilot Project to Record Land Registration on Blockchain

Blockchain-based land registry firm Medici Land Governance (MLG) has launched a land administration pilot project in Liberia. The project seeks to administer proper land issuance in the West African nation. 

Land Registration on Blockchain

Medici Land Governance (MLG) launched the land administration project on February 18 in a press release. The launch is part of a partnership agreed between MLG and Liberia’s finance and development ministry. 

Liberia has faced significant problems regarding the management of land within its country. This is due to the lack of clarity in land ownership and has resulted in investors shying away from investing in real estate in the West African nation. 

The government’s partnership with MLG seeks to ensure proper documentation of 1000 residential land parcels’ land rights in its capital Monrovia. This is achieved by using MLG resources which include high-resolution aerial images of the region and data collection. 

Since January, MLG has deployed drones to take images of the area earmarked for registration and also sent out a team to collect necessary information from landowners. Data compiled will then be attributed to a blockchain-based land administration system developed by MLG. 

The Liberian government is interested in using blockchain technology to resolve problems in its land-use system. Data imputed on a blockchain cannot be modified or changed easily, making it the perfect government solution. The government can also track land and other properties listed on the blockchain pilot system to control price increases. Also, the transfer of properties will be easier and less problematic than the current paper-based system used in the country. 

Speaking on the development, Ali El Husseini believes that is a major milestone for the African country.

“Together, the Liberian government and Medici Land Governance will provide the foundation for community residents to legitimize their land rights as a potential gateway to economic opportunities for them to thrive and prosper.”

Blockchain-Based Registry Spreading Into Developing Countries

MLG continues to spread its aims towards democratizing land ownership within developing countries. The blockchain firm has been involved in projects in Africa, Central America, and other regions.  MLG high-resolution aerial image technology is also being used by St. Kitts and Nevis government to track property ownership and value.

For example, its partnership in Zambia will see the firm issue land titles to landowners as part of a ten-year collaboration with the government. South Africa is also piloting a project based on blockchain to solve its property registration problems. The UN is also working on a land registry solution for cities in Afghanistan. 

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$56.3K Bitcoin price and $1T market cap signal BTC is here to stay

As Bitcoin (BTC) price pushed above $55,300 in the morning trading session, its market cap surpassed $1 trillion for the first time on Feb. 19. The breakout continued throughout the day and within the past hour BTC price hit another all-time high at $56,368. 

Now that Bitcoin has cemented its status as a trillion-dollar asset among the likes of Amazon, Apple and Google, legacy banks are showing increasing interest in offering cryptocurrency custody services for their customers.

BTC/USDT 4-hour chart. Source: TradingView

According to Treyce Dahlem, an analyst at TheTIE, social media conversations including ‘Bitcoin’ as a keyword have increased by 38% since Feb. 18. More than 102,000 tweets have been sent out in the past 24-hours, and this is only “30,000 tweets shy of setting a new record high.”

Dahlem said:

“The number of Twitter users talking about Bitcoin on a daily basis has reached a new all-time high of 38,500, up 325% from a year ago.

Altcoins rise as DeFi and CeFi begin to merge

Daily cryptocurrency market performance. Source: Coin360

Multiple altcoins joined BTC and Ether (ETH) in establishing new all-time highs as both centralized and decentralized exchange tokens experienced strong breakouts.

Binance Coin (BNB) continued to benefit from the growing influence of the Binance Smart Chain (BSC) as surging volume lifted the token to a new high of $348.72.

This parabolic rally secured BNB’s spot as the third-ranked project by market capitalization behind Bitcoin and Ether.

DeFi-related projects like PancakeSwap (CAKE) and Venus (VXS) are two of the top attractions on the BSC and both hit new highs at $20.62 and $101.50 respectively. REN also made waves after its recent integration with BSC helped lift the token to a record high at $1.69.

Traditional markets close the week mixed

Following a week of new highs for the major indices, traditional markets closed the week mixed on Friday as the U.S. economy faces continued fallout from the pandemic and rising unemployment.

The NASDAQ finished the day up 0.07% while the Dow was flat. The S&P 500 declined by 0.19%.

Bullish momentum may extend through the weekend

As traditional markets close up for the week, the bullish momentum propelling Bitcoin and altcoins high is showing no signs of slowing down. Recent historical data shows that Bitcoin’s rallies in 2021 have a tendency to occur on the weeked and many analysts believe the top-ranked digital asset could attack the $60,000 level over the weekend.

The round the clock nature of the crypto sector means that markets are always active somewhere on the planet. As the current bull market attracts wider attention from retail and institutional investors, the trend of trading volume decreasing on weekends seems to no longer be in effect.

While Ether (ETH) price has remained pinned below $2,000, it still managed to rally to a new all-time high at $1,974.

There are increasing bullish murmurs that institutional investors are deeply interested in the returns being offered through staking on Eth2 as well as participating in the growing DeFi sector, both of which are the driving force behind the growing demand for Ether.

Total cryptocurrency market capitalization. Source: CoinMarketCap

Recent price breakouts from top tokens like Bitcoin and Binance Coin and DeFi superstars like REN and CAKE have also helped lift the total market capitalization of the cryptocurrency sector to a new record $1.705 trillion. Bitcoin’s dominance currently stands at 61.1%