Overstock (NASDAQ:OSTK) subsidiary Medici Land Governance, has signed a Memorandum of Understanding (MOU) with Teton County in Wyoming to provide a blockchain-based land records and information platform. Medici Land Governance is just one of many blockchain initiatives that Overstock is currently pursuing.
According to the company, the two entities will collaborate to 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. Once in place, the system will also automatically capture and record subsequent land administration transactions and updates to the blockchain.
All of land records going back to 1996 will be recorded on the platform, including mortgages, the release of liens, and other similar documents.
Overstock CEO and founder Patrick Byrne sees the project as a proof of concept for Medici Land:
“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, said she hopes they can create a reliable system that will expand into other Wyoming counties.”
The partnership benefits from the Wyoming Legislative Blockchain Taskforce, and by other Wyoming-based groups that have been advocating on behalf of blockchain technology.
Caitlin Long, co-founder of the Wyoming Blockchain Coalition, who is a prominent advocate of blockchain and crypto, said she was thrilled to see Medici choose Teton County:
“This is yet another example of Wyoming blazing blockchain trails.”