Today Medici Land Governance (MLG), an indirect subsidiary of Overstock.com, announced it signed a Memorandum of Understanding with Carbon County, Wyoming. The deal involves developing a blockchain-based land record platform this year.
A key benefit is the immutability of a ledger, making it harder to steal real estate titles after the details are stored on a blockchain. However, no solution is full proof, and there’s still scope for manipulation before storing data on the blockchain.
The MLG blockchain system records land ownership as well as mortgages and other liens on properties.
“By implementing innovative approaches to improve efficiency and security for our residents, we are ensuring Wyoming takes advantage of the crucial benefits blockchain has to offer,” said Gwynn Bartlett, Carbon County Clerk.
The new Carbon County platform will act as an archive for the existing land record system. And once it’s in production, it will capture and record subsequent transactions.
“In partnering with MLG to securely track, record, and make land records available to the public, Carbon County, like its sister in Wyoming (Teton County), will be providing a critical layer of protection and facilitating transparency for title holders in any property transaction,” said Ali El Husseini, PhD, CEO of Medici Land Governance.
There are numerous blockchain real estate and land registry projects around the world using other platforms, including in Vermont, South America, Abu Dhabi and Dubai in the UAE, India, UK and South Africa.