The blockchain technology that originated just a decade back has now influenced many nations. The development in the field of Blockchain has impacted business operations of many big names around the world. It has brought in new changes which have paved the way for innovations. The acceptance of this technology showcases how important it is and how drastically it can affect the world. Many nations from across the globe are taking the initiative to transform their mainstream business using Blockchain technology. Recently, a bill was introduced in Ohio which mentions the implementation of Blockchain technology.
What Is The Bill All About?
We all know how Blockchain is influencing the world and how it is bringing in new changes. On April 24th, 2019, a new bill mentioning the use of Blockchain platform for rendering various solutions. This bill aims to enhance the use of Blockchain technology. This will work for both, the state government and central government. This move by Ohio state legislature is to legalize the Blockchain framework. We already know that there are various apprehensions surrounding Blockchain technology; one of the most prominent reasons for this is the anonymity of the user. Since Blockchain lacks third-party control and regulations, it makes DLT an apprehensive technology.
With this new bill, there will be a new legal framework enforced that will allow complete control of Blockchain network, thereby legalizing the entire system and thus gaining the trust of the investors.
We know that DLT or Blockchain technology creates a decentralized platform which allows the transactions to take place on a free platform. It keeps a record of all the transactions, thus enabling easy traceability of data when required. Since there is no control over the transaction; it becomes difficult to find the defaulter which raises the apprehension. However, things are slowly changing, and this new bill is a step in the same direction.
How Will This New Bill Help The Government?
Yes, with this new bill a lot of transformation is expected to come into the market. As mentioned above, this new bill will have both state and central government start using the Blockchain platform. In addition to this, government applications will include the following :
Creating car records
Data of owner
Finding the license online
This is just one field; there would be other fields, where we will be witnessing the application of Blockchain technology. With this data present on a decentralized platform, this data will be accessible to different agencies. Thus, providing access to information as and when required.
Apart from this recent development, Blockchain implementation has been the area of focus for Ohio government since long. It was in 2018 that governor John Kasich signed a cybersecurity bill in August 2018, with this bill the Ohio law was updated in regards to the electronic transaction to include Blockchain based transaction. With this move, Blockchain technology got legal support. An important point to mention here is that Ohio also became the first state to allow businesses to use cryptocurrency to pay taxes. This latest development in Blockchain has made Ohio the hotspot for Blockchain technology and its application.
Ohio is amongst those state of the US, which has legalized smart contracts and data present on Blockchain legal. With this announcement, Blockchain will garner more trust and gain credibility in the market.
How Will It Change The Market For Blockchain?
Blockchain is a dynamic technology which is growing every day. With all this, certain apprehensions are surrounding the use of this technology. However, with the change of time, we have seen some drastic development in this field. Many of the nations like China, Japan, the US, Australia, etc. are making remarkable changes in this field. Ohio’s latest bill and earlier initiatives in the field of Blockchain technology shows what potential does Blockchain technology hold.
In times to come Blockchain technology will continue to grow and expand its uses and applications. However, an important point to note here is that Blockchain is a nascent technology which started off its journey in 2019. It will continue to grow, but at the same time we would need some drastic changes in it, and legalizing the entire system is one of the ways to make this platform more trustworthy even for the commoners. Ohio’s latest bill is an initiative in this direction.