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Blockchain Technology Working Group established in Kentucky, USA

#OhNoCrypto

Apr 28, 2020 at 13:29 //

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The State of Kentucky applies blockchain

On April 24, The governor of Kentucky endorsed a six-member Blockchain Technology Working Group charged with the responsibility of examining the applicability of blockchain technology for safeguarding the various utility sectors including electricity, water, telecom, and more.

Blockchain technology is gaining momentum in various cities of the world, but more interesting is its application by governments in public service delivery. 

Kentucky just joined many other cities in exploring the opportunities blockchain technology offers in improving public service delivery and other government ministries.

The US and Kentucky scenario 

The United States has for a long time  identified various areas that could potentially employ blockchain technology ranging from security to medical services. The Department of Homeland Security  approved and awarded the first support for the application of blockchain technology to the private sector way back in 2017.

The 63rd Governor of the Commonwealth of Kentucky, Andrew Graham Beshear approved the new bill for the advancement of blockchain technology after it saw an 87-2 landslide win on April 24.

The working group comprises key officials and experts from the State's technology, energy and environment, finance and administration, public service commission, Homeland security, and academia. They will all work together and update the governor every 1st day of December each year.

The new bill is a step forward to creating public awareness about blockchain technology, but also strengthening its security. According to Forbes, initial loopholes in the application of blockchain technology were those related to security, some open source aversion, possible performance issues and reporting/analytics, which the new task force would investigate further.

Additionally, acceptance and embracement of the technology at state and federal levels is a great inspiration to the broader public, and hopefully, more private firms would get licensed to advance blockchain technology development.

Blockchain adoption goes mainstream 

It is actually not the first blockchain bill adopted by the US states. Back in 2019, coinidol.com, a blockchain news outlet, reported that the Governor of Maryland signed a bill officially enabling industrial use of blockchain technology. In other words, it allowed companies to use distributed ledger for keeping data including records of issuances, transfers, cancellations of shares of stock; voting trust agreements; bylaws; minutes of events, happenings or proceedings of the stockholders; and yearly statements of affairs.

Even earlier, some US cities were also looking to adopt blockchain for various cases within their municipalities. For instance, The city of Austin, Texas, was looking to adopt blockchain to aid homeless people. While the city of Berkeley, California, decided to put their microbonds on blockchain to facilitate public investment in municipal projects.

The world has in recent years been invigorated by the fast-paced growth and development of blockchain technology. The trigger has led to numerous changes including the formulation of policies that favour the technology, practically utilizing the technology in government services and perhaps creating national blockchain task forces.



OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow