The State of Ohio is the latest to accept blockchain technology-based business transactions after its General Assembly voted in favor of blockchain recently. The Ohio Senate signed off on the cybersecurity legislation, Senate Bill 222 that includes an amendment made by the Ohio House members. The amendment approves the inclusion of blockchain language.
The technology can be used to fulfill a lot of applications in the field of supply-chain management, real-estate transactions, and medical-records storage.
Amendment to include blockchain-based transactions
With this amendment, the existing law in Ohio concerned with electronic transactions will also allow blockchain-based transactions. The amendment will receive final approval after it is signed by the State Governor, John Kasich. At the start of this year, the State Senate, Matt Dolan introduced the concept of this standalone bill.
It received backing from a luxury-car dealer in Cleveland, Bernie Moreno, who is a well-known proponent of blockchain-based technology and research. In an interview, Dolan stated that approval of amendment has accomplished what he wanted to do from the start.
According to Dolan, he expected the amendment to start a conversation about blockchain’s potential and he has succeeded in doing that. Dolan further added, “The private sector already is investing in blockchain. So what this bill does is give certainty to any transactions you’re engaging in in Ohio … in case there was any question about that.”
Ohio becomes the fourth state in the United States to pass legislation in favor of blockchain technology. Other states to pass such an amendment include Delaware, Colorado, and Illinois.
Florida planning to appoint crypto chief in state
The blockchain is indeed gaining huge popularity in America. The State of Florida too has recognized the growing potential of crypto payments across the country and has decided to appoint its crypto chief. The state-wide cryptocurrency head will have to manage, regulate, as well as provide oversight on virtual currencies.
The crypto chief will supervise all the cryptocurrencies and ICOs and these platforms will have to register first with the Office of Financial Regulation (OFR) prior to starting their operations. Florida expects the new appointment to bring more order and regulation in the overall working of Office of Insurance Regulation (OIR) and OFR.