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SALT LAKE CITY, 20 December 2018 (GLOBE NEWSWIRE) – Overstock.com, Inc. (NASDAQ: OSTK) announced, Governance of the Medici lands, its controlled blockchain focused on land administration, has signed a Memorandum of Understanding (MOU) with the Teton County, Wyoming, to develop a cadastral base and an information platform in 2019.
Doctors Land Governance (MLG) and Teton County will work together to develop and implement the necessary software for the county, which includes the city of Jackson, to transfer and display information from its current system of titration of land and property to the new system based on blockchain.
The new system will use MLG's technologies, policies and programs to track, record and make available to the public certain real property information for management purposes. Once installed, the system will automatically acquire and register subsequent land management transactions and blockchain updates.
All Teton County land registry documents dating back to 1996 will be registered on the new platform, including mortgages, the granting of privileges and other similar documents. Title information that is obscured for display on the current system will also be obscured by the blockchain-based system, but all public records will be available at the county's chancery office.
"Our agreement with Teton County is another step towards a global economy where trust is generated by technology," said Patrick M. Byrne, CEO and founder of Overstock.com. "I believe our work in Wyoming will allow us to introduce blockchain-based land management in the United States."
"We are delighted to establish this partnership with a regional neighbor in demonstrating the practical long-term value of emerging technologies: Teton County in Wyoming already has a well-deserved reputation for innovative approaches that serve the coordinated interests of the local community and businesses", said dr. Ali El Husseini, CEO of Governance Land Governance. "Doctors Land Governance and Teton County will work together to create a new, secure and easy-to-use blockchain digital signage platform Teton County is well positioned to consolidate its reputation as a model leader in economic and community development that emphasizes the best practices of emerging technologies. "
"We are proud to see that Wyoming is at the forefront of implementing cutting-edge technologies, such as blockchain, in existing markets such as land registry," said Sherry Daigle, Teton County administrative officer. . "With the expertise of Doctors Land Governance, we can create a reliable property registry system in Teton County with the hope of expanding into other Wyoming counties."
The partnership between Teton County and MLG is supported by the Wyoming Legislative Blockchain Task Force and other Wyoming-based groups that have recently started supporting the introduction of blockchain technology into existing state-level processes and systems, including Blockchain of the Wyoming Coalition.
"It's exciting to see Wyoming adopt blockchain technology to record and validate ownership," said Caitlin Long, co-founder of the Wyoming Blockchain Coalition. "Doctors Ventures has been a big supporter of Wyoming's blockchain initiatives since the beginning, and I am thrilled that Teton County has chosen Doctors Ventures for this project – this is yet another example of Wyoming's fiery blockchain trails."
Doctors Land Governance was founded in 2018 to put the power of property and equity in the hands of the masses by applying blockchain and other technologies to provide low-cost and user-friendly land administration systems. MLG is a company in the portfolio of Doctors Ventures, The subsidiary blockchain of Overstock.com founded in 2014 to apply blockchain technology to existing markets in order to democratize capital, eliminate intermediaries and re-humanize trade.
Information on Overstock.com
Overstock.com, Inc Common Shares (NASDAQ: OSTK) / Series A Preferred (tZERO Medical Ventures platform: OSTKP) / Preferred B Series (OTCQX: OSTBP) is an online retailer and technology company based in Salt Lake City, Utah. Its main e-commerce site sells a wide range of new products at low prices, including furniture, furniture, rugs, bedding, Home improvements, jewels and more. The online shopping site, visited by nearly 40 million customers a month, also offers a marketplace that offers customers access to millions of products from third-party vendors. Overstock was the first major retailer to accept the cryptocurrency in 2014 and was founded in the same year Doctors Ventures, the wholly-owned subsidiary that develops and accelerates blockchain technologies to democratize capital, eliminate intermediaries and re-humanize trade. Overstock regularly publishes information on the company and other related issues on Pressroom is Investor Relations pages on his website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street Revolution and Worldstock are registered trademarks of Overstock.com, Inc. O.biz and Space Shift are also trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names that may be indicated in this document are the property of their respective owners.
This press release contains certain forward-looking statements pursuant to Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include all statements other than statements of fact historical. Further information on factors that could materially influence the results and the accuracy of the forward-looking statements contained in this document can be found in the Company's Form 10-Q for the quarter ended September 30, 2018, which was filed with the SEC on 9 November 2018 and any subsequent deposit with the SEC.
SOURCE: Overstock.com, Inc.
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