SALT LAKE CITY–(BUSINESS WIRE)–Medici Land Governance (MLG), has announced it has signed a Memorandum of Understanding (MOU) with Carbon County, Wyoming to develop a blockchain-based land records and information platform in 2020. A blockchain-based registry assures immutability of records and indicates a clear chain of title.
Last year, MLG completed a project with Wyoming’s Teton County, making it the first county in the U.S. to record land information (including warranty deeds, mortgages, release of liens, and other similar documents), on a blockchain platform. Modeled after Teton County’s success, MLG will work with Carbon County to develop and implement software that will transfer and display existing digital Carbon County public land records to a new blockchain-based registry system. The registry will serve as an archive to Carbon County’s current systems.
The system will use MLG’s technologies, policies, and programs to track, record, and make available to the public certain information related to real property for management purposes. Once implemented, it will also automatically capture and record subsequent land administration transactions and updates to the blockchain. Title information that is obscured for viewing on the current Carbon County system will also be obscured from the blockchain-based system, but all public records will be available at the Carbon County clerk’s office.
“Medici Land Governance is delighted to play a major role in Carbon County’s commitment to institutionalizing a true 21st century method of recording real property information. 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 title holders in any property transaction. These critical benefits have made MLG’s technology and products feasible and effective for e-governance purposes. We look forward to the same success in Carbon County and boosting Wyoming’s portfolio as a leader in the blockchain revolution,” says Ali El Husseini, PhD, CEO of Medici Land Governance.
“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. By implementing innovative approaches to improve efficiency and security for our residents, we are ensuring Wyoming takes advantage of the crucial benefits blockchain has to offer,” says Gwynn Bartlett, Carbon County Clerk.
About Medici Land Governance
Medici Land Governance leverages blockchain and other technologies (such as cryptography, AI and others) to support land governance, titling, and administration with a secure public record of land ownership. With land records stored on the blockchain, land ownership is standardized and can be recognized by local and global economies. Blockchain applied to land improves lives, stimulates economies, and strengthens communities. Medici Land Governance supports agencies in the digitization of their current records, engendering trust and security in data by diminishing human error and accidental damage to records. It is a subsidiary of Medici Ventures, Overstock.com’s blockchain accelerator.