California Takes Step Towards Embracing Blockchain, Introduces New Bill

California Takes Step Towards Embracing Blockchain, Introduces New Bill

Senator Bob Hertzberg, representing the San Fernando Valley, has introduced a bill that would allow blockchain technology into formal documentation known as a corporation’s articles of incorporation throughout the state of California.

Senator Hertzberg presented the bill, dubbed SB 838, to the Senate Banking and Financial Institutions Committee , which he says is a “first step” to unveil the decentralized technology to the state.

Senator Hertzberg in a press release said: “The world around us is changing, and government must adapt with these rapidly evolving times. California needs to continue our legacy of taking on new and developing technologies, especially ones like blockchain, which is being embraced worldwide and presents a strong level of security that is resistant to hacking,”

SB 838 is designed to introduce cryptography-fueled security into the issuance and transfer of corporate share certificates, which would be “recorded and kept on or by means of blockchain technology or one or more distributed electronic networks, as specified,” according to the bill text.

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Senator Hertzberg not only introduced the bill but he is also educating his peers about the public ledger, pointing out that 11 of Forbes’ Fintech 50 for 2018 rely on the blockchain or are somehow engaged with cryptocurrencies.

Culled from CCN

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