Overstock.com, Inc. (NASDAQ:OSTK) announced, Medici Land
Governance, its blockchain subsidiary focused on land
administration, has signed a Memorandum of Understanding (MOU) with
Teton County, Wyoming to develop a blockchain-based land records
and information platform in 2019.
Medici Land Governance (MLG) and Teton County will work together
to develop and implement the software needed for the county, which
includes the town of Jackson, to transfer and display information
from its current land and property titling system to the new
blockchain-based system.
The new system will utilize MLG’s technologies, policies, and
programs to track, record, and make available to the public certain
information related to real property for management purposes. Once
in place, 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. Title information that is
obscured for viewing on the current system will also be obscured
from the blockchain-based system, but all public records will be
available at the county clerk’s office.
“Our agreement with Teton County is another step toward a global
economy where trust is generated through technology,” said Patrick
M. Byrne, Overstock.com’s CEO and founder. “I believe that our work
in Wyoming will let us introduce blockchain-based land
administration within the United States.”
“We are delighted to establish this partnership with a regional
neighbor in demonstrating the long-term practical value of emerging
technologies. Teton County in Wyoming already has a well-deserved
reputation for innovative approaches that serve the coordinated
interests of the local community and businesses,” said Medici Land
Governance CEO, Ali El Husseini, PhD. “Medici Land Governance and
Teton County officials will collaborate to create a new blockchain
platform for property registry that is digitized, secure, and user
friendly. Teton County is well positioned to build upon its
reputation as a model leader in community and economic development
that emphasizes the best practices of emerging technologies.”
“We are proud to see Wyoming lead the way in implementing
cutting-edge technologies, such as blockchain, into existing
markets like land registry,” said Sherry Daigle, Teton County’s
County Clerk. “With Medici Land Governance’s expertise, we can
create a reliable property registry system in Teton County with
hopes to expand into other Wyoming counties.”
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.
“It’s exciting to see Wyoming adopt blockchain technology to
register and validate property ownership,” said Caitlin Long,
co-founder of the Wyoming Blockchain Coalition. “Medici Ventures
has been a big supporter of Wyoming’s blockchain initiatives from
inception, and I’m thrilled that Teton County chose Medici Ventures
for this project. This is yet another example of Wyoming blazing
blockchain trails.”
Medici Land Governance 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. MLG is a portfolio company
of Medici Ventures, Overstock.com’s wholly-owned blockchain
subsidiary founded in 2014 to apply blockchain technology to
existing markets in order to democratize capital, eliminate
middlemen, and re-humanize commerce.
About Overstock.com
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Series A
Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B
Preferred (OTCQX:OSTBP) is an online retailer and technology
company based in Salt Lake City, Utah. Its leading e-commerce
website sells a broad range of new products at low prices,
including furniture, décor, rugs, bedding, home improvement,
jewelry, and more. The online shopping site, which is visited by
nearly 40 million customers a month, also features a marketplace
providing customers access to millions of products from third-party
sellers. Overstock was the first major retailer to accept
cryptocurrency in 2014, and in the same year founded Medici
Ventures, its wholly-owned subsidiary developing and accelerating
blockchain technologies to democratize capital, eliminate
middlemen, and re-humanize commerce. Overstock regularly posts
information about the company and other related matters on the
Newsroom and Investor Relations pages on its website,
Overstock.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. O.biz and Space Shift are also
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the
property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended September 30, 2018, which
was filed with the SEC on November 9, 2018, and any subsequent
filings with the SEC.
SOURCE: Overstock.com, Inc.
Media Contact:pr@overstock.com
Investor Contact:ir@overstock.com
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