Teton County in the state of Wyoming signed a Memorandum of Understanding (MoU) with Medici Land Governance, a blockchain subsidiary of Overstock.com, Inc., an American internet retailer headquartered in Midvale, Utah, near Salt Lake City, on Thursday, Dec. 20th 2018, to develop and implement a land record and information platform, based on the blockchain technology in 2019.
According to Patrick M. Byrne, Overstock.com’s CEO and founder, the agreement with Teton County is another step toward a transparent global economy that leverages the blockchain tech. This agreement is further expected to pave way for introducing blockchain-based land administration within the US.
According to Ali El Husseini, Medici Land Governance CEO, the company is delighted about this partnership with its regional neighbor and is excited to work with them to demonstrate the long-term potential of the blockchain technology. The county is well known for its innovative approaches that benefit the local community and businesses. The officials of Medici Land Governance and Teton County will collaboratively develop a new property registry blockchain platform that is digitized, secure and has a user-friendly interface.
Land-related records of the county, dated as far back to 1996, will be recorded on the new blockchain-based platform, including mortgages, the release of liens, and other similar documents. Land title information that is obscured for viewing on the current system will remain obscured from the blockchain-based system too, but all public records will be available for reference at the office of the county clerk.