New Jersey's Blockchain Initiative Task Force is a vote of confidence for Blockchain

By | Bitcoinz News | 10 Aug 2019

New Jersey may soon move its record keeping to Blockchain, that is, if the newly formed Blockchain Task Force's study finds that Blockchain truly is a revolutionary technology that is bound to shift the way we transact, store and share data, especially, public records.

A Bill [Senate No. 2297] was enacted by Phil Murray, Governor of New Jersey which is set to appoint the majority of the Task Force's members within 90 days and conduct its first hearing to discuss the Blockchain's role in NJ State's record keeping.  

The task force is expected to study the following aspects of Blockchain Technology:

    "(1)  opportunities and risks associated with using Blockchain and distributed ledger technology;

     (2)  different types of Blockchains, both public and private, and different consensus algorithms;

     (3)  projects and use cases currently under development in other states and nations, and how those cases could be applied in New Jersey; and

     (4)  how the Legislature can modify current State laws to support secure, paperless recordkeeping."

New Jersey's initiative is a testament to the growing interest in the blockchain technology from public and private bodies.  Enterprises have already been investing heavily into the technology while the State Governments are joining the race.

While Wyoming is at the forefront of this race, Nevada and Ohio are doing their best as well.

This race among the States is a great thing for the blockchain space since it encourages the entrepreneurs by providing a legal framework to operate within.  

Interestingly, Blockchain Technology movement is truly a ground up movement. Public interest in the technology has propelled the companies and governments to consider its potential. 

"Blockchain technology can reduce the prevalence of government's disparate computer systems, databases, and custom-built software interfaces, reducing costs associated with maintenance and implementation, streamlining the sharing of information, and allowing more regions of the State to participate in electronic government services," the bill reads.

The idea of eGovernance in its true form can be a real possibility with the help of Blockchain Technology.


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