- The Blockchain law passed by Washington state is a set of regulations that govern the use of blockchain technology within the state. The law defines blockchain as “a digital ledger or list of records that is time-stamped and encrypted”.
- The law also requires that all entities that use blockchain technology must register with the state, and disclose certain information about their use of the technology. The purpose of the law is to protect consumers and ensure that businesses using blockchain technology are transparent and accountable.
Blockchain Bill 5544 has passed in Washington state.
- The law is a clear acknowledgement of the potential of blockchain technology to change the way businesses operate. It provides a clear legal framework for businesses to use blockchain technology to streamline their operations and improve their bottom line. The law also recognizes the potential of blockchain technology to create new jobs and economic opportunities.
- The bill, which was signed into law by Governor Jay Inslee, makes it legal for companies to use blockchain technology for certain business purposes. This includes using blockchain to store and manage data, to create smart contracts, and to facilitate financial transactions.
- The law also recognizes the use of blockchain for other purposes, such as identity verification and supply chain management. This new law is an important step forward for the adoption of blockchain technology in the United States.
- It provides clarity and certainty for businesses that want to use blockchain, and gives them the legal framework to do so. This will help to promote innovation and growth in the blockchain sector.
- State senator Brown achieved bipartisan support in both the House and the Senate of Washington.
The non-profit Washington Technology Industry Association endorsed the bill as well.
- On the bill’s passing, Brown said:
“By creating the Washington Blockchain Work Group, we are sending a clear message that Washington is ready to start working with the private sector to advance this technology for the benefit of all Washington residents, employers and workers.”
Conclusion
- The new blockchain law in Washington State is a positive step forward for the legitimization of the technology and its applications. The law provides clarity and certainty for businesses and individuals who want to use blockchain technology in a wide variety of ways.
- The law is also a sign that the state is open to new and innovative technologies that have the potential to transform how business is done. This move will bring new jobs and investment to the state, and help to solidify its place as a hub for innovation.
