Medici Land in blockchain deal with another Wyoming County

Apr 14, 2020 | Press

This article appeared in Ledger Insights on April 14, 2020.

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.

This follows a previous project for Wyoming’s Teton County completed last year. MLG has also carried out property registry projects in Zambia, Rwanda, Mexico and the Caribbean.

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.

Twitter

New York City is going to explore the blockchain for land records in conjunction with @medici_land_gov.

By @JamieCrawleyCD https://trib.al/KP1TGnd

To add: @medici_land_gov public records product, Actum, is a universal archive of public records backed by blockchain. Actum uses blockchain technology to provide secure, tamper-proof, immutable public records that are searchable, transparent, and trusted.

From us @medici_land_gov: We are elated to join New York City officials in assisting their efforts to enhance the security and quality of their services in the heart of the nation’s largest metropolitan area.”

Applying blockchain technologies to New York City’s land records has the potential to improve business processes, reduce risk, and help to address deed fraud. @medici_land_gov @NYCFinance

“Leveraging technology to improve our business processes is intrinsic to our strategic goal of providing quality service delivery.” says NYC DOF Commissioner Sherif Soliman. “We look forward to working with MLG to evaluate this innovative approach.” https://www.businesswire.com/news/home/20210805005780/en/Medici-Land-Governance-and-New-York-City-Department-of-Finance-to-Explore-Use-of-Blockchain-to-Address-Deed-Fraud