A subsidiary of Overstock’s venture arm, Medici Ventures, in a press release on Monday, announced the signing of Memorandum of Understanding with a second Wyoming county to develop a blockchain-based land registry platform. As per the announcement, MLG’s recordkeeping platform will allow for the storage of mortgages, warranty deeds, and titles, as well as providing provenance on land ownership in the small Wyoming county of fewer than 15,000 people.
MLG previously entered a similar agreement with Teton county.
This is not the first time that Medici Land Governance (MLG) has signed a memorandum of understanding with a county to develop a blockchain-based land registry system. Earlier, MLG entered a similar agreement with Teton county in 2018. The firm believes that keeping records on the blockchain makes land ownership more transparent, secure, and verifiable. Ali El Husseini, CEO of Medici Land Governance, said that partnering with Overstock’s subsidiary MLG to track and make land records available to the public, Carbon County will be providing a critical layer of protection and promoting transparency.
Blockchain technology is being used in various fields.
The underlying technology for cryptocurrencies, blockchain, has been embraced by governments and private sectors all over the world. The potential use of the technology is being researched and studied by governments around the globe. Blockchain technology is being used in logistics, healthcare systems, and several other fields.
MLG employs blockchain, among other technologies such as cryptography and AI, to provide titling, administration, and governance with an eye on securing a public record of land ownership. MLG runs property registry projects in countries such as Zambia, Rwanda and Mexico, while Teton County marked its first initiative in the USA. Gwynn Bartlett, Carbon County Clerk, in the announcement said that they are committed to staying ahead of the technological curve, and using blockchain to make the public records more secure is a demonstration of that commitment.
