The State Of Ohio Signs Bill To Promote The Use Of Blockchain Technology
Ohio is reported to be creating a legal framework to support the use of blockchain services that use the technology. The bill was signed on the 3rd of August 2018 by Ohio Governor John Kasich setting out a legal framework for the use of blockchain technology. This makes Ohio, the fifth largest financial services market in America, one of the first states to recognise the benefits of implementing Distributed Ledger Technology (DLT) within various industries.
This is positive progression from a previous attempt to create legislation in which bill SB300, submitted in May this year, was rejected. Though bill SB300 was rejected, many parts were used as amendments for the new bill SB220 to increase adoption and availability to buy Bitcoin. Many states’ legislation is not ready for the mass adoption of blockchain technology and buying crypto.
The adoption of blockchain technology is becoming increasing important to the state of Ohio. As the fifth largest financial service market in the US, Ohio attracts institutions such as banks and insurance firms who build their headquarters in the state. This industry employees 270,000 people in Ohio alone and suggests strong growth in the sector. This could attract more tech companies to the state who can provide services to buy cryptocurrency.
The bill updates definitions associated with blockchain technology to bring them into a legislative context such as an electronic agent, record or signature. The “Electronic Record” now defines a ‘record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record’. The other amendment has been made to the definition “electronic record” which states ‘a signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature’.
Passing this bill is seen as a positive step for Ohio as they will need to embrace blockchain technology to keep competitive and attract new investment.
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