Senator Bob Hertzberg, a Democrat is making headway as a blockchain bill which he passed to the state legislator is getting lots of hearing as it is at an advanced stage.
Bob, who is representing San Fernando Valley, California introduced a bill that would allow blockchain technology into formal documentation known as a corporation’s articles of incorporation throughout the state of California.
In a press release; “The world around us is changing, and government must adapt to these rapidly evolving times. California needs to continue our legacy of taking on new and developing technologies, especially ones like Blockchain, which is being embraced worldwide and presents a strong level of security that is resistant to hacking,” The Bill which is codenamed SB 838 is designed to introduce cryptography-fueled security into the issuance and transfer of corporate share certificates, which would be “recorded and kept on or by means of Blockchain technology or one or more distributed electronic networks, as specified,” according to the Bill.
The senator who did not only introduce the bill to the house but is also taking it upon himself to educate his peers about the public ledger. Emphasizing his opinion, Bob points to the fact that 11 out of Forbes Fintech 50 for 2018 rely on blockchain or are somehow engaged or affiliated with cryptocurrencies. To further buttress his point that there are “multitude” of other use cases for the blockchain beyond volatile cryptocurrencies and suggested applications such as voting and land titles. Incidentally, SB 838 covers a public or private ledger that may be “driven by tokenized crypto economics or tokenless.”
While Senator Hertzberg’s bill is unique and targets specific functions within financial services, California would be joining other Western states that are also adopting blockchain technology. Arizona’s blockchain bill recently became law, validating data stored and shared among corporations on the blockchain. Meanwhile, Colorado and Wyoming have also made strides.
Perhaps the bill could pave the way for businesses to access blockchains like JPMorgan’s Quorum project, which is said to be on the block for wider access. Senator Hertzberg offers more local examples, such as UCLA and Berkeley having developed blockchain labs to promote innovation within the blockchain and cryptocurrency communities.
Do you think the bill will reach the final hearing and be passed or will be thrown out? Let’s hear from you, pls leave your comments in the comment section below.
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