Local Government of Wyoming and Overstock Subsidiary To Record Land On The Blockchain
The state of Wyoming is currently starting a partnership with Overstock to target land records in the region. Both entities, the government and the company, have now signed a Memorandum of Understanding. The MoU was officially signed by the Overstock subsidiary Medici Land Governance administrators of Teton County.
According to the press release, the land records in the region will start to be recorded with the blockchain technology now.
Sherry Daigle, from Teton County’s clerk office, has affirmed that the government is proud to see Wyoming leading the way for the blockchain technology and that the partnership is providing them with all the expertise that they need in order to expand the system and use it.
The project will be used to provide tamper-proof records of data that is related to land ownership in the county. According to the press release, it includes many kinds of deals like mortgages and similar kinds of documents. The new system will use the technology to track and record these papers, which date back to 1996.
Some of the information will be more readily available to the public while another part of the information will be used for management. This can make the system considerably more efficient in the future mostly because it will greatly streamline the process and make it easier to look for any kind of document on the blockchain.
The Medici Land Governance CEO, Ali El Husseini, has affirmed that the company is delighted on creating a new blockchain technology that is able to help the county with the situation.
Wyoming And The Blockchain
The state of Wyoming is creating a close relationship with the blockchain technologies and companies that use this technology as a basis for them. In recent months, the state has already made partnerships with many companies and it is currently forging a progressive stance on the acceptance of cryptos and the distributed ledger technology.
Wyoming’s decision to take the blockchain and use it in the state-level was praised by Caitlin Long, a former Morgan Stanley exec turned crypto evangelist. She is a part of the Wyoming Blockchain Coalition, a group that is focused on lobbying for the use of the blockchain technology in the state, both in industrial and commercial instances, as in the state level.
According to her, it is very exciting to see the state and the region working to adopt the technology as a way to properly register and validate the ownership of land property there. She has also affirmed that this can show just how Wyoming is “blazing blockchain trails” in the country.
The state has also passed a law back in March to exempt some cryptocurrencies from paying some fees on money transmission laws.