A Blockchain Working Group is to be formed by a
A Blockchain Working Group is to be formed by a bill passed by the California State Legislature. TheAgenda set forward to this group is to explore the potential benefits of blockchain technology and suggest updates in the laws so that the technology can be utilised in the best cases possible.
The bill which is known as California’s AB 2658 has already passed in both State Senate and General Assembly and now waiting for the Governor Jerry Brown’s approval. Within 30 days the Governor will allow the bill to become law or veto it. Some other Governers have already signed the bill and passed the law to make Blockchain Working Group study the technology.
New York state legislature has also passed a similar bill.
In February 2018, the bill was introduced the first time. California’s AB 2658 bill directs the Secretary of the Government Operations Agency to create a blockchain working group. In the group, the participants will be from technology as well as non-technology industries including participants from law background and representatives from consumer and privacy organisations. Blockchain working group will also have one member of Assembly, one member of Senate, State Chief Information Officer, Director of Finance or their designees. The chairperson of the group will be designated by July 1, 2019. All the group members will be then responsible for providing recommendations to the state legislature.
Maximum by 1st July 2020 the group has to submit their studies.
The primary task of the blockchain working group will be to examine:
- How can the businesses and government use blockchain technology?
- What is the risk associated with the technology?
- What are the benefits of the technology is used by government organisations and businesses?
- How can the blockchain technology fit into the California Law? and
- What are the best practices to take the full advantage of the technology?