Medici Land Governance (MLG) – a subsidiary of Overstock’s enterprise arm, Medici Ventures – has inked a deal to construct a blockchain-based land
Medici Land Governance (MLG) – a subsidiary of Overstock’s enterprise arm, Medici Ventures – has inked a deal to construct a blockchain-based land registry for a second Wyoming county.
In a press launch Monday, MLG introduced the signing of a memorandum of understanding (MoU) with Carbon County, Wyoming, to develop a blockchain-based land information and data platform.
Underneath the association, MLG’s record-keeping platform will permit for the storage of mortgages, guarantee deeds and titles, in addition to offering provenance on land possession within the small county of lower than 15,000 folks. The blockchain system may even seize and file the required updates to land administration transactions.
The information marks the second initiative from MLG in Wyoming, after it entered the same settlement with Teton county in late 2018. The agency says that maintaining such information on the blockchain makes land possession extra clear, safe and verifiable.
“In partnering with MLG to securely observe, file, and make land information out there to the general public, Carbon County, like its sister in Wyoming (Teton County), might be offering a essential layer of safety and facilitating transparency for titleholders in any property transaction,” mentioned Ali El Husseini, CEO of Medici Land Governance.
MLG makes use of blockchain amongst different applied sciences corresponding to cryptography and synthetic intelligence to supply titling, administration and governance with an eye fixed on securing a public file of land possession.
The corporate continues to run property registry tasks in cuntries corresponding to Zambia, Rwanda and Mexico, whereas Teton County marked the its first initiative on U.S. soil.
“Carbon County is dedicated to staying forward of the technological curve, and utilizing blockchain know-how to make our public information safer is an illustration of that dedication,” mentioned Gwynn Bartlett, Carbon County Clerk, within the announcement.
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