Overstock.com (NASDAQ:OSTK) blockchain subsidiary Medici Land Governance has agreed to build a blockchain-based land records and information platform for a Wyoming country.
Medici Land, which focuses on land administration, has signed a memorandum of understanding with Teton County to develop the blockchain-based platform in 2019.
Blockchain-Powered Property and Land Information Platform
Under the terms of the agreement, both parties will work together to develop and implement the software needed for the county, which includes the town of Jackson, to transfer and display information from its current land and property titling system to the new blockchain-based system.
The new system will use Medici Land Governance’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, according to an official release.
The partnership between Teton County and Medici Land Governance is backed 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.
“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,” Medici Land Governance CEO Ali El Husseini said in a press statement.
The blockchain-powered platform is expected to become operational in 2019.