Online retailer and technology company Overstock.com told CoinReport in an email that its blockchain-meets-property subsidiary, Medici Land Governance (MLG), has partnered with Teton County, Wyoming to build a blockchain-based land records and information platform this year.
The county and the subsidiary will collaborate to develop and implement the software required to transfer and display information from the county’s existing land and property titling system to the new blockchain-based system.
The platform will use MLG’s programs, policies and technologies to track and record information related to real property for management purposes.
According to a press release, once the system is in place, it will automatically copy land administration transactions and updates to the blockchain.
The new platform will record all the county land records dating back to 1996, including release of liens, mortgages and other similar documents. Like the existing system, the blockchain-based system will also obscure title information, but all public records can be accessed at the office of the county clerk.
Overstock.com founder and CEO Patrick M. Byrne said on the occasion, “Our agreement with Teton County is another step toward a global economy where trust is generated through technology. I believe that our work in Wyoming will let us introduce blockchain-based land administration within the United States.”
Medici Land Governance CEO Ali El Husseini, PhD., commented, “We are delighted to establish this partnership with a regional neighbor in demonstrating the long-term practical value of emerging technologies. Teton County in Wyoming already has a well-deserved reputation for innovative approaches that serve the coordinated interests of the local community and businesses.”
He added, “Medici Land Governance and Teton County officials will collaborate to create a new blockchain platform for property registry that is digitized, secure, and user friendly. Teton County is well positioned to build upon its reputation as a model leader in community and economic development that emphasizes the best practices of emerging technologies.”
Sherry Daigle, Teton County’s County Clerk, said, “We are proud to see Wyoming lead the way in implementing cutting-edge technologies, such as blockchain, into existing markets like land registry. With Medici Land Governance’s expertise, we can create a reliable property registry system in Teton County with hopes to expand into other Wyoming counties.”