Medici Land Governance (MLG), Overstock.com’s subset company, partnered with Teton County, Wyoming, to launch a blockchain software for property information in 2019.
Teton County and MLG are working together on developing a new blockchain platform. This new software will allow the property information such as mortgages and land records to be transferred from the system they’re currently using to the new system.
MLG and Teton County signed a Memorandum of Understanding, a non-binding agreement which outlines the details of the requirements and responsibilities of each party, as a part of their partnership.
In the official press release, Overstock.com’s CEO and founder Patrick M. Byrne said, “Our agreement with Teton County is another step toward a global economy where trust is generated through technology… I believe that our work in Wyoming will let us introduce blockchain-based land administration within the United States.”
The blockchain-based platform will use MLG’s new technology and their policies in order to track, record and release certain property information to the public for management purposes. Wyoming Legislative Blockchain Taskforce and Wyoming Blockchain Coalition support Teton County and MLG’s partnership.
According to co-Founder of the Wyoming Blockchain Coalition, Caitlin Long,
“It’s exciting to see Wyoming adopt blockchain technology to register and validate property ownership. Medici Ventures has been a big supporter of Wyoming’s blockchain initiatives from inception, and I’m thrilled that Teton County chose Medici Ventures for this project. This is yet another example of Wyoming blazing blockchain trails.”
MLG is Medici Venture’s portfolio company that was founded in 2018 as a way to create user-friendly and affordable management systems by using blockchain technologies. According to MLG’s website, their mission is,
“Land governance stands on the edge of a revolution in efficiency, transparency, and accountability. Medici Land Governance is using blockchain and other technologies to build next-generation land administration systems in the developing world.”