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The Teton County contract office is working with the blockchain industry leader to bring new technology solutions to the conservation of land data. (Hitesh Choudhary)
JACKSON HOLE, WYO – When Wyoming paved the way for greater use of blockchain technology in the legislative session for the 2018 budget, the vision was all-encompassing including the encouraging use in cryptocurrency, beef production and, now, registration administrative system.
A new partnership between Teton County and Doctors Land Governance (MLG), a subsidiary of Overstock.com, could show the ability to blockchain to shine when it comes to archiving or records.
Teton County and MLG have signed a Memorandum of Understanding (MoU) that will allow the Governance of the Medici Country to work alongside the county secretary's office to migrate its land registry documents and property titles from an existing analogue system to a 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."
Sherry Daigle, Teton County Administration Officer, added: "We are proud to see Wyoming as a leader in the implementation of cutting-edge technologies, such as blockchain, in existing markets such as land register."
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."
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