Blockchain-Based Property And Land Information Platform Planned By Teton Countybr>
Medici Land Governance (MLG), a blockchain portfolio company of Overstock subsidiary Medici Ventures, has teamed with Teton County, Wyoming to develop a blockchain land records and information platform next year.
MLG, the 14th portfolio company in Medici Ventures, is leveraging blockchain technology to provide user-friendly, low-cost land administration systems. The firm aims to promote economic development and full financial inclusion by helping individuals in developing countries to record rightful ownership of property.
MLG will be working with the government of Teton County to develop and implement the software needed for the county to transfer and display information from its current land and property titling system to the new blockchain-based system. Utilizing MLG’s technologies, policies, and programs, the new system will be designed to automatically capture and record subsequent land administration transactions and updates to the blockchain.
“Teton County in Wyoming already has a well-deserved reputation for innovative approaches that serve the coordinated interests of the local community and businesses,” said Medici Land Governance CEO Ali El Husseini. “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.”
Once the new system has been developed, all of the county’s 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.
“We are proud to see Wyoming lead the way in implementing cutting-edge technologies, such as blockchain, into existing markets like land registry,” said Sherry Daigle, Teton County’s County Clerk. “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.”
The partnership 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.
“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.”