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New Jersey Creates Blockchain Task Force

Coin Codex 2019-08-12 20:51:02

New Jersey governor Phil Murphy has signed bill S2297, which calls for the creation of the “New Jersey Blockchain Initiative Task Force”. The task force will consist of 14 members and study blockhain-based solutions that could benefit New Jersey on the state, county and municipal level. The bill states that blockchain technology has reached a point of maturity and deserves to be considered:

“The development of distributed databases and ledgers protected against revision by publicly-verifiable open source cryptographic algorithms, and protected from data loss by distributed records sharing, colloquially called "Blockchain," has reached a point where the opportunities for efficiency, cost savings, and cybersecurity deserve study.”

The task force will look at blockchain to find ways of enhancing New Jersey’s recordkeeping and government service delivery. More specifically, medical records, land records, banking and property auctions are mentioned in the bill as potential areas that could benefit from blockchain tech. 180 days after its initial meeting, the group will be required to produce a report on the costs, benefits and feasibility of employing blockchain technology for the purposes of the state of New Jersey. 

Senator James Beach commented on the creation of the blockchain task force:

“In an age where digital information needs protecting, blockchain is a technological innovation that will protect us from hackers and those seeking to steal our information. I believe that whatever the taskforce decides, there is a place for blockchain to be used in local governments to protect them from the ever increasing dangers of the Internet.”

New Jersey seems to be on top of the developments in the cryptocurrency and blockchain space – recently, the New Jersey Bureau of Securities issued cease and desist orders to two companies that were planning to conduct token sales. The board labeled the sales as unregistered securities offerings and prohibited the companies from selling tokens to New Jersey investors. 

New Jersey governor Phil Murphy has signed bill S2297, which calls for the creation of the “New Jersey Blockchain Initiative Task Force”. The task force will consist of 14 members and study blockhain-based solutions that could benefit New Jersey on the state, county and municipal level. The bill states that blockchain technology has reached a point of maturity and deserves to be considered:

“The development of distributed databases and ledgers protected against revision by publicly-verifiable open source cryptographic algorithms, and protected from data loss by distributed records sharing, colloquially called "Blockchain," has reached a point where the opportunities for efficiency, cost savings, and cybersecurity deserve study.”

The task force will look at blockchain to find ways of enhancing New Jersey’s recordkeeping and government service delivery. More specifically, medical records, land records, banking and property auctions are mentioned in the bill as potential areas that could benefit from blockchain tech. 180 days after its initial meeting, the group will be required to produce a report on the costs, benefits and feasibility of employing blockchain technology for the purposes of the state of New Jersey. 

Senator James Beach commented on the creation of the blockchain task force:

“In an age where digital information needs protecting, blockchain is a technological innovation that will protect us from hackers and those seeking to steal our information. I believe that whatever the taskforce decides, there is a place for blockchain to be used in local governments to protect them from the ever increasing dangers of the Internet.”

New Jersey seems to be on top of the developments in the cryptocurrency and blockchain space – recently, the New Jersey Bureau of Securities issued cease and desist orders to two companies that were planning to conduct token sales. The board labeled the sales as unregistered securities offerings and prohibited the companies from selling tokens to New Jersey investors.