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Saturday, June 25, 2022

Passage Of New Legislation In Washington State Related To Blockchain Technology

The Governor of the state of northwest pacific, Washington, recently passed new legislation that will construct a working group that will be devoted to exploring the new opportunities for commerce and industry that will benefit from blockchain. It took one veto and three years after which the proposal from the Governor of Washington, Jay Inslee, was finally passed. 

Governor Of Washington State Finally Passed The New Legislation 

The objective of this legislation is to develop the adoption of blockchain technology in Washington state and also across all the industrial and financial sectors. This law will also form the Blockchain Work Group in Washington state which will verify all the capable applications for the technology of blockchain. 

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This group will consist of eight leaders who will belong from different trade associations across the entire state and also seven officials of Government. Moreover, the Work Group will conduct research on the practical applicability of blockchain technology and the report of such study will be submitted based on the findings to the Governor by 1st December 2023. 

This bill was proposed earlier by Sen. Sharon Brown, a member of the Republican, who stated that Washington state is finally ready for the proper utilization of blockchain technology. The employers, residents, and workers of the city will take benefit from this legislation finally. 

In the words of Sharon Brown, the new bill is an important initial step that will create a welcoming environment for new business proposals that will look for new applications. In addition to this, capable supply chain management will also be identified along with opportunities from STEM education. 

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This bill was first introduced in 2019 and then received a veto in 2020 from the Governor. The state of Washington just like other states like New York, Wyoming, and Texas has become a leading place that has adopted cryptocurrency and blockchain technology to great extent.

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