California in Trend with Blockchain Introduction into State Legislation

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California in Trend with Blockchain Introduction into State Legislation

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A bill has passed both houses of the Californian state legislature which, if brought into law, will define blockchain and require the forming of a government blockchain group within a year.

The bill AB 2658 is now awaiting Californian governor Jerry Brown’s approval. If implemented, it would define blockchain as “a mathematically secured, chronological, and decentralized ledger or database“, representing a huge step in accepting blockchain in the state and elsewhere in the US.

This is a growing trend in the US as Bitcoin News has reported over the course of 2018, with US states signing up to blockchain. Arizona has officially signed into law a bill that allows for corporations to hold and share data on a blockchain. First introduced in February by state representative Jeff Weninger, the bill is intended “to open the door for emerging technologies in Arizona”.

In May, the New York state legislature also presented a bill to create a blockchain task force. If created, the New York task force would prepare a report for the governor, the temporary president of the state senate, and the speaker of the assembly by December 2019. Also, Colorado has passed its own bill which will use blockchain for government record keeping and cybersecurity.

Tennessee signed a bill recently that legally recognizes blockchain technology and smart contracts for electronic transactions. The bill also makes a provision that “protects ownership rights of certain information secured by blockchain technology”.

California’s bill requires that the blockchain group should represent a widespread from the public domain, comprising those from within the industry as well as members of the legal profession, private companies and consumer groups.

Moves at integrating blockchain into legislation has become a race in the US with  Nebraska, Florida, Arizona, Nevada, and Vermont, along with Maine, Hawaii, Illinois, and North Dakota, some of the many US states notably either in the process of presenting bills, enacting legislation or actively utilizing blockchain in state legislation.

 

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