To boost a blockchain info technology, recently, California’s bill AB 2658, cleared the final legislative hurdles. Approved by both houses, and having the individual alterations approval in each, the bill will now head to the administrator for approval.
The bill will describe blockchain as a safe, sequential, and decentralized ledger. It needs the Secretary of the Government Operation Agency to form a blockchain working group before July 1, 2019.
As per the bill, the group must have participants from both non-technology and technology industries as well as appointees having a background in law, a legislature of discretion and consumer organizations. The group must also include the State Chief Information Officer, the Director of Finance, a member of the Senate and the other member of the Assembly.
It is compulsory for the group to submit their study to the Legislature on or before July 1, 2020, on the potential uses, risks, and benefits of the use of blockchain info technology by the state government and California-based businesses.
On the other hand, the report should include approvals for alterations to the definition of blockchain and for modifications to other code sections that might be impacted by the positioning of a blockchain technology.
Few of the other states have signed bills into law that form blockchain working groups. In June 2018, Connecticut Governor, Dannel Malloy, signed SB 443 into law which creates a blockchain working group to study the technology.
A report published in Coin Telegraph stated that in May 2018, the New York state legislature has planned a similar bill to create a blockchain info technology task force. If the bill gets active, the New York mission force would make a report for the administrator, the short-term president of the state senate, and the speaker of the assembly.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]