California Adopts Two Laws Supporting Blockchain Technology
Several stakeholders have lauded the initiative as the next catalyst for industrial growth and research in the fifth largest global economy.
California Makes Move Towards Mainstream Blockchain Technology
California has now adopted two laws favourable to the blockchain technology. This is after Governor Jerry Brown signed into law two proposals backing establishment and roll out of blockchain technology in California. The announcement was made through a press statement from the governor’s office. The governor stated that he understands the benefits of blockchain as an empowering tool for businesses. He noted that the technology will spur the region's economic growth.
The statement further highlighted that California was a leader in the technology world and it was time to acknowledge the blockchain technology that is now on the rise. Brown said blockchain technology will be used to facilitate research through record keeping.
The two bills were sponsored by Ian Calderon and Sen Robert Hertzberg. Calderon was in charge of the Uniform Electronic Transactions Act. According to the bill, a team will be formed to focus on the regulations aspect and lead the blockchain wing in California.
Commenting on the developments, the head BAC Ally Madina noted that the sector has a lot of potential in the future. Madina pointed out that blockchain can revolutionize the growth of different sectors within the state. He called on California to invest more into the technology. She added that the leaders of California have clearly indicated that the region is ready to move forward by adopting the blockchain technology.
Bill Receives Backing From Major Blockchain Bodies
The Blockchain Advocacy Coalition deals with regulations in the sector. The body is believed to have backed the bills since they were presented. BAC has made a presentation before a number of bodies discussing the blockchain technology. Additionally, BAC members are believed to have acted as the link between blockchain specialists and lawmakers.
According to Sen Robert Hertzberg, California is a land of innovations. The lawmaker said the technology has the ability to counter a number of factors related to crime such as fraud. Hertzberg said that such benefits led to the bills being signed into law by Governor Brown.