Overstock.com subsidiary, Teton County sign MOU to develop blockchain-based land records platform

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Overstock.com subsidiary, Teton County sign MOU to develop blockchain-based land records platform

Fri, 21 Dec 2018, 07:33 am UTC

Medici Land Governance, a blockchain subsidiary of Overstock.com focused on land administration, has signed a Memorandum of Understanding (MOU) with Teton County, Wyoming to develop a blockchain-based land records and information platform in 2019.

Founded in 2018, Medici Land Governance (MLG) is a portfolio company of Medici Ventures, Overstock.com’s wholly-owned blockchain subsidiary founded in 2014. In August, it signed an agreement with the government of Zambia to develop a program for systematic land governance within the country.

According to the official release, the partnership between Teton County and MLG is supported by a number of groups that are advocating the introduction of blockchain technology to existing systems, including the Wyoming Legislative Blockchain Taskforce and the Wyoming Blockchain Coalition.

Under the terms of the MOU, Medici Land Governance (MLG) and Teton County will co-develop and implement a blockchain-based system for the land and property titling system for the county, which includes the town of Jackson.

“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.”

Medici Land Governance CEO, Ali El Husseini said that the collaboration will work towards creating a blockchain platform for property registry that is “digitized, secure, and user friendly.”

The blockchain-based system will record all Teton County land records, which date back to 1996, including mortgages, release of liens, and other similar documents. It will track, record, and make available to the public certain information. Once the system is in place, it will also automatically capture and record subsequent land administration transactions and updates to the blockchain.

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.

“I believe that our work in Wyoming will let us introduce blockchain-based land administration within the United States,” Patrick M. Byrne, Overstock.com’s CEO and founder.