US online retailer Overstock’s blockchain subsidiary Medici Land Governance has signed a Memorandum of Understanding (MOU) with Teton County, Wyoming to develop a blockchain-based land records and information platform in 2019.
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All Teton County land records going back to 1996 will be recorded on the new platform, including mortgages, release of liens, and other similar documents. Title information that is obscured for viewing on the current system will also be obscured from the new offering, but all public records will be available at the county clerk’s office.
“Our agreement with Teton County is another step toward a global economy where trust is generated through technology,” says Patrick M. Byrne, Overstock.com’s CEO and founder. “I believe that our work in Wyoming will let us introduce blockchain-based land administration within the United States.”
“It’s exciting to see Wyoming adopt blockchain technology to register and validate property ownership,” says Caitlin Long, Co-Founder of the Wyoming Blockchain Coalition. “Medici Ventures has been a big supporter of Wyoming’s blockchain initiatives from inception, and I’m thrilled that Teton County chose Medici Ventures for this project. This is yet another example of Wyoming blazing blockchain trails.”
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