Land On Blockchain? County Of Wyoming Puts Real Estate Records On Blockchain
Land On Blockchain? County Of Wyoming Has Put Its Land Records On Blockchain
Wyoming has proven to be one of the more friendly in its approach towards blockchain technology, and is poised to take an even more active step in leveraging it. Specifically, the county wants to put it to work by placing its extensive records of the land registry on the Distributed Ledger.
While it can go by relatively unnotices, Teton County has become one of the first to sign an MOU (Memorandum of Understanding) with the Medici Land Governance this week. This would officially make the county, which is home to a sizeable chunk of Yellowstone National Park, as well as Jackson town, the first to create a registry on the startup company's Open Index Protocol.
MLG (Medici Land Governance) is a newly created startup which is largely owned by the company Overstock and its blockchain investment subsidiary, Medici Ventures.
As one of the more time-consuming elements of bureaucracy, the Land Registry system is one that brings with it a lot of logistics and administration in order to ensure effective storage and updating of land as the landscape changes. This new decentralized system will see the transactions of land, including new and expired mortgages, along with new liens and similar records which go back over 20 years.
This is according to a press release which was published by Overstock on Thursday 20th December. Overstock continued on to add that it's focused on the preservation of issues such as privacy and accessibility to the public.
“The title information that is obscured for viewing on the current system will also be obscured from the blockchain-based system, but all public records will be available at the county clerk’s office,”
Overstock announced within its press release.
“We are truly glad to see that . Wyoming will be leading the way in putting these cutting-edge technologies like Blockchain to use in an area like land registration and mortgages,”
Announces Teton County's Clerk, Sherry Daigle, who comments within a press release provided on Thursday. Daigle remarks that, should this new system prove successful, it can also be taken further across Wyoming.
Powered by the Florincoin blockchain, these OIP indexes files from a wider range of distribution systems which include IPFS and a number of other solutions in order to store this sensitive information efficiently and securely.
“I had heard that Wyoming was very proactive and welcoming in the application of blockchain technology, and I am really supportive of the efforts taken by this county,” Devon James, the Co-Founder of OIP made clear through a spokesperson. “I made it a point to start being an attendant of the Blockchain Task Force, and has been an active contributor to public discussions on the subject. But one area that was of significant interest to me was its ‘Real Property Records on Blockchain' project that they had initially been working on, because it has been working on this for over five years so far… It is a worldwide publically accessible database, allowing people to publish, display, as well as read, sell and even audit these same records, allowing them to become even more malleable to the uses of the public.”
Speaking on behalf of the Wyoming Blockchain Coalition, its Co-Founder, Caitlin Long, who also works as the Co-chairman of Symbiont, which is an enterprise-based blockchain startup company, this initiative started off as an initiative under the state's senator, Ogden Driskill, it steadily brought in a greater number of County clerks to discuss this collaboration.
The state has been jockeying to become a truly innovative state, leading the way in the application of blockchain technology, with this land registry being just one of the prospective uses. According to reports from March, Wyoming's governor had officially signed into law, a measure which allowed for the exemption of utility token in their . application and association with certain properties from regulations and securities, along with a number of other blockchain friendly pieces of legislation.
In total, there currently stands to be six legislative bills regarding the regulation of blockchain technology, with these now waiting to be heard when the next legislative session which is taking place in January, Long argued.
“These six legislative bills obtained the endorsement by joint committees, and this has effectively elevated the chances they have in passing,”
she mentioned, going on to add:
“There will be more. This in an industry where nobody has leadership, and Wyoming moved to grab it.”
According to Long, she believes that this application of blockchain technology for creating a land registry can be followed swiftly by other applications, with one of these being its use for the creation of corporate registration, as well as storing business records within the blockchain.
In an announcement made late this year, the Medici Land Governance announced a pilot initiative in tandem with the Zambian government in order to create its own unique blockchain backed land registration system for the developing African country. At this moment in time, Medici Ventures is a majority shareholder of the startup, owning 57 percent of the shares, while the remaining 43 percent is owned by Patrick Byrne, the CEO of Overstock.