Ohio creates regulatory framework around Blockchain technology

in #blockchain6 years ago


A bill that legalizes Blockchain technology was signed by Governor John Kasich in the state of Ohio on Friday, August 3rd. The SB 220 legally approves the data recorded on the Blockchain as well as the signatures and electronic files.

Ohio joins the revolution


While politicians in several US states have agreed on the management of Blockchain technology some time ago, Ohio has just joined the trend of Vermont and Arizona in legalizing transactions from the large distributed registry (DLT ).

Governor and former presidential candidate John Kasich endorses the potential of emerging technology. She, he says, brings transparency and security to financial services, supply chain management and medical records,among other things. The Blockchain represents a huge opportunity for the state as well as a growing incentive for mass adoption.

Become a financial hub


Private companies are increasingly participating in the technological revolution by integrating Blockchain into their systems. These include General Motors, BMW, Renault and Ford who adopted the Mobility Open Blockchain Initiative (MOBI) to study the use of Blockchain in the automotive industry.

Ohio is at the forefront of legal adoption, hoping that innovations in this field are flocking to the US hub. The SMART CITIES project is also an example of the country's efforts to lead the Blockchain.

Electronic transaction legislation has been updated by the state of Ohio to include crypto-currencies and blockchain technology. The law states:

"A secure record or contract with Blockchain technology is considered to be in electronic form and constitutes an electronic record. "
Valentina Isakina, Jobs Ohio's Financial Services Manager, think that the inclusion of Blockchain in legislation is a great idea.
"Many companies looking to expand their Blockchain R & D activities are creators of growing jobs, and Ohio is now even more attractive to these companies," says Isakina.
Senator Matt Dolan introduced the initial bill. He stated :
"For Ohio to compete and attract new investment and jobs, we need to embrace innovation, new technologies and cutting-edge energy. The adoption of Blockchain technology is a step forward in achieving these goals. "
What do you think of Ohio adopting a blockchain bill? Tell us your opinion in the comments section below.

Posted from our website with SteemPress : https://infos.link/ohio-creates-regulatory-framework-around-blockchain-technology/
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