New Jersey Bill Signs Blockchain Research Task Force Into Law

On August 9th, 2019, New Jersey Governor Phil Murphy signed blockchain bill S2297 into effect to implement a Blockchain Initiative Task Force for the exploration of potential blockchain-tech use cases in the state of New Jersey. Specifically, Bill S2297 references four potential use cases; medical records, banking, land records, and property auctions. 

Initially sponsored by New Jersey Senators Thomas H. Kean, Jr. and James Beach, Bill S2297 is a monumental step forward for the implementation of blockchain technology into state and government processes. New Jersey isn’t the first state however to recognize the significant benefits brought about by distributed databases and ledgers - both Ohio and Utah have established blockchain task forces to explore potential state and municipal benefits. 

New Jersey’s blockchain task force will be comprised of 14 elected members and be tasked with studying blockchain technology, “...including, but not limited to, the following:

  • Opportunities and risks associated with using Blockchain and distributed ledger technology; 
  • Different types of blockchains, both public and private, and different consensus algorithms; 
  • Projects and use cases currently under development in other states and nations, and how those cases could be applied in New Jersey; and
  • How the Legislature can modify current State laws to support secure, paperless recordkeeping.”

Blockchain technology extends itself to countless areas of interest for governments, from heightened data protection, to safe and paperless transactions and recordkeeping, all the way to the streamlining and sharing of information - it’s simply in the best interest of today’s traditional institutions and mechanisms to keep up with the times by embracing a cost-effective and secure solution. 

Final Thoughts on New Jersey’s Bill S2297

Bill S2297 requires that, within 180 days after the task force’s first meeting, that they must issue a report to the Governor and Legislature on their findings. The report must also include a general description of the benefits and costs associated with implementation, along with recommendations concerning the feasibility of utilizing it in the Garden State. 

You can find the bill in its entirety over at the New Jersey State Legislature’s website here

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