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Land In Wyoming To Be Tracked On Blockchain

17:59 22/12/2018

Authorities of Teton County in Wyoming, one of the most loyal American state to the crypto sphere and blockchain, are planning to place a register of land plots on blockchain, Coindesk reports.

 

There are more than 23 thousand inhabitants in Teton, its territory partially covers the famous state park in Yellowstone. County authorities have entered into an agreement with Medici Land Governance (MLG), a subsidiary startup of Overstock.com's venture firm Medici Ventures.

The agreement implies registering all land plots on blockchain based on the Open Index protocol (OIP), which indexes files from IPFS storage or distribution systems and some others based on the Florincoin blockchain.

 

The blockchain solution will help to track all land transactions in the district, including mortgage contracts, the provision of collateral obligations,  and other actions since 1996, with full information security. Only the district administration will have access to all data, as follows from the publication of the Overstock.com's press service.

A spokeswoman for the county administration emphasized that she was proud of Teton and in general for the state, which is considered one of the most advanced in the United States in terms of dissemination of innovative solutions. If the project will be successfully implemented, it can be extended to other territorial units of the state.

 

As previously reported, the Wyoming Legislative Committee voted in favor of a document allowing banks to conduct financial operations with cryptocurrencies.

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