Medici Land Governance (MLG) – a subsidiary of Overstock’s venture arm, Medici Ventures – has inked a deal to build a blockchain-based land registry for a second Wyoming county.
In a press release Monday, MLG announced the signing of a memorandum of understanding (MoU) with Carbon County, Wyo., to develop a blockchain-based land records and information platform.
Under the arrangement, MLG's record-keeping platform will allow for the storage of mortgages, warranty deeds and titles, as well as providing provenance on land ownership in the small county of less than 15,000 people. The blockchain system will also capture and record the necessary updates to land administration transactions.
The news marks the second initiative from MLG in Wyoming after it entered a similar agreement with Teton county in late 2018. The firm says that keeping such records on the blockchain makes land ownership more transparent, secure and verifiable.
"In partnering with MLG to securely track, record and make land records available to the public, Carbon County, like its sister in Wyoming (Teton County), will be providing a critical layer of protection and facilitating transparency for titleholders in any property transaction," said Ali El Husseini, CEO of Medici Land Governance.
MLG utilizes blockchain among other technologies such as cryptography and artificial intelligence to provide titling, administration and governance with an eye on securing a public record of land ownership.
The company continues to run property registry projects in cuntries such as Zambia, Rwanda and Mexico, while Teton County marked the its first initiative on U.S. soil.
"Carbon County is committed to staying ahead of the technological curve, and using blockchain technology to make our public records more secure is a demonstration of that commitment," said Gwynn Bartlett, Carbon County Clerk, in the announcement.
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