Research Request: Blockchain Transformative Effect on the Government

PROGRAMS AND PROJECTS | Oct 4, 2018

As part of your membership benefits, the Alliance staff provide research services for local government member submitted requests. Topics can range from pressing issues to emerging trends. This benefit is made possible through our partnership with Arizona State University Marvins Andrews Fellowship

What is Block chain:

Blockchain is a new technology that is peer to peer networking and distributed data storage technology that shifts the primary focus of control from centralized services to individuals or key holders. Blockchain is structured for cyber-resilient, redundant and verifiable. Blockchain was initially built as the underlying structure for digital cash system bitcoin. Block chain can be used in many different aspects such as cybersecurity, disaster recovery, supply chain transparency, title registries, communications amongst organizations and document verification.

Current Findings:

Illinois Block Chain Initiative

Pilot program which is geared towards testing the compatibility between client server database model and distributed ledgers. Including a wide- ranger evaluation of the legal protections afforded to purely digital transactions. The pilot program was also initiated to learn how the process of conveying and recording real estate transactions could be improved via changes to state and local laws, and what specific laws can be adjusted to encourage electronic only legal instruments. Some of the key aspects of the program is to promote awareness of digital signatures, promoting the awareness of blockchain and distributed ledger technology amongst land records officials and lawmakers.

For more information: https://illinoisblockchain.tech/blockchain-cook-county-final-report-1f56ab3bf89

Delaware Blockchain Initiative

Delaware Department of State and Governor’s office formulated Delaware Blockchain Initiative, with the priorities of: - To ensure that businesses that utilize blockchain will not face new regulations in Delaware. – Develop a partnership with Symbiont, a company that provides blockchain technology, in order to create distributed ledger share solutions. With the use of blockchain technology speed and efficiency. Transfers will eradicate the laborious, unpredictable and inefficient processes being currently used by banks and corporations. It will no longer take days to process and settle transactions in Delaware, both in companies in public and private industries will benefit hugely from distributed ledger shares.

For more information: https://www.delawareinc.com/blog/Delaware-moves-toward-blockchain-technology/

Current Policies in Place (ongoing):

Arizona:

Governor Doug Ducey, in 2017 enacted a new bill 2417 into law. Which enforces that records or signatures in electronic form cannot be denied legal effect and enforceability based on the fact they are electronic form. HB 2417 clarifies that electronic records, electronic signatures and smart contract terms secured through blockchain technology and governed under UCC articles 2, 2A and 7 will be in an electronic form and to be an electronic signature under AETA (Arizona Electronic Transactions Act).

To learn more about the Arizona policy, click link: http://newmedialaw.proskauer.com/2017/04/20/arizona-passes-groundbreaking-blockchain-and-smart-contract-law-state-blockchain-laws-on-the-rise

You may also be interested in

Feedback