Patrick Byrne, Overstock’s (NASDAQ:OSTK) CEO, announced that his company has joined a venture in global blockchain property registry. They are calling this for-profit project De Soto and their blockchain focused subsidiary Medici Ventures will be teaming up with Hernando de Soto a Peruvian economist.
Since this new report, Overstock’s shares have surged and are currently up almost 8 percent. The shares of the company have leaped over 220 percent this year alone. Overstock.com is the third-most active corporation invested in blockchain technology on a large scale.
Blockchain technology allows two parties to interact without a middleman and creates a permanent open network of all transactions made on the network. Many supports believe that this technology will speed up transactions speeds and improve the security of personal identification. This new De Soto venture hopes to use blockchain technology to document informal records of property ownership.
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