The Western U.S. State of Wyoming is set to develop a blockchain-powered land registry system in partnership with Overstock.com's blockchain subsidiary Medici Land Governance (MLG), which focused on land administration. Wyoming will adopt blockchain technology to register and validate property ownership.
A Memorandum of Understanding (MOU) to this effect has been signed between MLG and Wyoming's Teton County to develop a blockchain-based land records and information platform in 2019.
Both the signatories of the MOU will work together to develop and implement the software needed for the county, which includes the town of Jackson. They will initially transfer and display information from its current land and property titling system to the new blockchain-based system.
The proposed blockchain-powered system will track, record, and make available to the public certain information related to real property for management purposes. The system will also automatically capture and record subsequent land administration transactions and updates to the blockchain.
All Teton County land records going back to 1996 will be recorded on the new platform, including mortgages, release of liens, and other similar documents.
The partnership between Teton County and MLG is supported by the Wyoming Legislative Blockchain Taskforce, and by other Wyoming-based groups that have recently begun advocating for the introduction of blockchain technology to existing processes and systems on a state-wide level, including the Wyoming Blockchain Coalition.
MLG was founded in 2018 to put the power of property ownership and equity into the hands of the masses by applying blockchain and other technologies to provide low-cost, easy-to-use land administration systems.
Last month, MLG signed and MOU with the Government of Rwanda to implement paperless, secure, corruption-proof, blockchain-based system of land governance and property rights management.
It also signed a deal with the World Bank in August to enhance access to secure land rights in developing countries by supporting the design, implementation, and evaluation of pilot programs that will create systems to ensure secure land tenure.
In late July, MLG signed an MOU with Zambian Ministry of Land and Natural Resources to build blockchain-powered land titling program. It will create systems in the southern African country of Zambia to collect and easily secure property ownership information using blockchain.
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