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A county in favor of the Wyoming blockchain is planning to put its land registry on a distributed ledger.
The Teton County (23.265 inhabitants), which includes the city of Jackson and part of Yellowstone National Park, has signed a Memorandum of Understanding (MOU) with Doctors Land Governance (MLG). The startup, majority controlled by the blockchain investment arm of Overstock.com Medici Ventures, will build the new register on the Open Index Protocol (OIP).
The new system will keep track of land transactions, such as mortgages, releases of privileges and similar documents, starting in 1996, Overstock said in a press release on Thursday, adding that it will preserve the existing protections for privacy and public access. .
"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 chancellery office," the statement said.
"We are proud to see how Wyoming is at the forefront of implementing cutting-edge technologies, such as blockchain, in existing markets such as land registry," said Teton County Sherry Daigle, adding that if the new system is successful, it can be expanded to other Wyoming counties.
OIP indexes files from storage or distribution systems such as IPFS and others using the Florincoin blockchain.
"I had heard that Wyoming was working to proactively welcome the blockchain and I wanted to support their efforts," co-founder of OIPS Devon James told CoinDesk through a spokesperson. "I started attending the Blockchain Task Force meetings and contributed to their public discussions, but I was particularly interested in their" Real Property Records on Blockchain "initiative because the specs we've been working on for almost 5 years … is a database world audience where anyone can publish, read, show, sell or check records, making it perfect for their use case. "
According to Caitlin Long, co-founder of the Wyoming Blockchain Coalition and former president of blockbain startup Symbiont, the project began as an initiative of state senator Ogden Driskill, who brought some county clerks and James to the table to discuss collaboration.
Wyoming sought to become a leader among states in supporting blockchain technology for a while: in March the governor signed a measure that exempted utility chips with certain properties from securities regulations and a litany of similar invoices has been introduced recently.
There are a total of six blockchain bill projects now waiting to be heard during the next legislative session in January, Long said. "These bills have been approved by joint committees and have increased the chances of success," he told CoinDesk, adding:
"There will be more, this in an area where nobody has leadership, and Wyoming has moved to take it."
Long believes that the ground initiative will be followed by others, and the next step for the state will be to put all of its corporate records and company records on a blockchain.
Governance of the land Medici at the beginning of this year announced a pilot project with the Government of Zambia to build a land register based on the blockchain for the African country. Medici Ventures holds 57% of the startup and Overstock CEO Patrick Byrne owns the rest.
Image of Wyoming via Shutterstock.
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