A county within the blockchain-friendly state of Wyoming is planning to place its land registry on a distributed ledger.
Teton County (pop. 23,265 ), which incorporates the city of Jackson and a part of Yellowstone Nationwide Park, has signed a memorandum of understanding (MOU) with Medici Land Governance (MLG). The startup, majority-owned by Overstock.com’s blockchain funding arm Medici Ventures, will construct the brand new registry on the Open Index Protocol (OIP).
The brand new system will hold monitor of land transactions, akin to mortgages, releases of liens and comparable information, ranging from 1996, Overstock mentioned in a press launch Thursday, including that it’s going to protect current privateness protections and public entry.
“The title info that’s obscured for viewing on the present system may also be obscured from the blockchain-based system, however all public information will likely be accessible on the county clerk’s workplace,” the discharge says.
“We’re proud to see Wyoming paved the way in implementing cutting-edge applied sciences, akin to blockchain, into current markets like land registry,” Sherry Daigle, Teton County’s County Clerk, mentioned within the press launch, including that if the brand new system succeeds, it may be expanded into different Wyoming counties.
OIP indexes information from storage or distribution methods akin to IPFS and others utilizing the Florincoin blockchain.
“I’d heard Wyoming was working to proactively welcome blockchain and I wished to help their efforts,” OIP co-founder Devon James informed CoinDesk through a spokesperson. “I started attending Blockchain Process Pressure conferences and contributing to their public discussions, however I used to be significantly serious about their ‘Actual Property Data on Blockchain’ initiative as a result of the specification we’ve been engaged on for nearly 5 years …is a worldwide public database the place anybody can publish, learn, show, promote or audit the information, making it an ideal match for his or her use case.”
Based on Caitlin Lengthy, a co-founder of the Wyoming Blockchain Coalition and ex-chairman of the enterprise blockchain startup Symbiont, the venture started as an initiative of state senator Ogden Driskill, who introduced a number of county clerks and James to the desk to debate the collaboration.
Wyoming has been aiming to develop into a pacesetter amongst states in supporting blockchain know-how for some time: in March, the governor signed into regulation a measure exempting utility tokens with sure properties from securities laws, and a litany of comparable payments was launched lately.
There are in complete six payments relating to blockchain regulation now ready to be heard through the subsequent legislative session in January, Lengthy mentioned. “These payments had been endorsed by joint committees and so they have elevated probabilities to move,” she informed CoinDesk, including:
“There will likely be extra. This in an business the place no one has management, and Wyoming moved to seize it.”
Lengthy believes that the land initiative will likely be adopted by others, and the following step for the state will likely be placing all its company registration and enterprise information on a blockchain.
Medici Land Governance earlier this yr announced a pilot with the federal government of Zambia to construct a blockchain-based land registry for the African nation. Medici Ventures owns 57% of the startup, and Overstock CEO Patrick Byrne owns the remaining.
Wyoming picture through Shutterstock.