California’s State Senator is Promoting a Blockchain Bill
Adoption of Blockchain Technology
California’s 18th Senate district senator Bob Hertzberg has advanced the legislation permitting Blockchain technology to be used in certain areas like in financial information platforms for Equities.com. The legislation is also meant to allow corporations to use Blockchain technology to record and maintain names of all corporation stakeholders for the record, the shares owned by each shareholder, the address, all the issuance and the transfer of the corporation’s stock.
Senator Hertzberg stated that he was working on the governance of the next generation but not for the next election during the submission of the SB 838 before the Banking and Financial Institutions Senate Committee. If the bill goes through I will establish a secure way of issuing and transferring corporate share certificates and is seen as an initial move towards the integration of Blockchain technology in California though in a controlled way.
Hertzberg went on to state that:
“The world is rapidly changing and our government should adopt to these fast-evolving times. California should continue the legacy it has had before of taking on new and developing technologies like Blockchain which is being tested all over the world because of its strong level of security thus ensuring safe transactions.”
In March this year, Tennessee governor signed a bill which would recognize the legal authority of the Blockchain technology and also recognizing smart contracts especially in the conducting of electronic transactions. The signed law also ensured the protection of ownership rights of certain information stored and secured in the Blockchain technology.
There are several cities around the world which have launched their own Blockchain platforms. A good example is Dubai which has been using blockchain technology for a while now. Several local governments in China have also launched Funds to support blockchain startups in order to encourage more adoption of the technology in the country.