JACKSON HOLE, WYO – When Wyoming paved the way for more use of blockchain technology at its 2018 Legislative Budget Session, the vision was all-encompassing including encouraging use in crypto-currency, beef production, and, now, government administrative record-keeping.
A new partnership between Teton County and Medici Land Governance (MLG), a subsidiary of Overstock.com, could showcase blockchain’s ability to shine when it comes to the storage or records.
Teton County and MLG have signed a Memorandum of Understanding (MoU) that will allow Medici Land Governance to work alongside the county clerk’s office to migrate its land records and property titles from an existing analogue system to a blockchain-based system.
The new system will utilize MLG’s technologies, policies, and programs to track, record, and make available to the public certain information related to real property for management purposes. Once in place, the system will also automatically capture and record subsequent land administration transactions and updates to the blockchain.
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 blockchain-based system, 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,” said 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.”
Sherry Daigle, Teton County’s County Clerk, added, “We are proud to see Wyoming lead the way in implementing cutting-edge technologies, such as blockchain, into existing markets like land registry.”
The partnership between Teton County and MLG is supported by the Wyoming Legislative Blockchain Taskforce, and by other Wyoming-based groups that have recently begun advocating for the introduction of blockchain technology to existing processes and systems on a state-wide level, including the Wyoming Blockchain Coalition.
“It’s exciting to see Wyoming adopt blockchain technology to register and validate property ownership,” said 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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