The state of Ohio is now the latest state to recognize the storage and transaction of data utilized with blockchain technology as Governor John Kasich signed the bill, SB 300, into legislation.
SB 300 was introduced in May with the prime focus of treating data and smart contracts stored through blockchain technology as electronic records. Blockchain technology, which forms the basis of cryptocurrencies like Bitcoin, has been unintentionally associated with negative news regarding digital currency exchange hacks and other security issues.
However, blockchain itself has managed to separate itself from cryptocurrencies as an emerging technology for various sectors, such as finance, health care and other industries. Companies like health insurance provider Anthem and the big four accounting firms (Deloitte, EY, KPMG and PwC) have experimented with using blockchain technology.
“In Ohio, blockchain innovators can thrive in their efforts to develop new products and applications for the financial industry and beyond,” said Valentina Isakina, JobsOhio financial services managing director. “Many companies looking to expand their blockchain and R&D operations are rapidly growing job creators, and Ohio is now even more attractive to these businesses.”
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The passing of SB 300 amended Ohio’s Uniform Electronic Transactions Act to now state that “a record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.” Electronic signatures defined under the act now include those signatures created and secured using blockchain technology.
By becoming blockchain-friendly, Ohio is hoping to attract businesses relying on the technology, which could open the doors for further job creation as well as capital investments from domestic and foreign sources.
“In order for Ohio to compete for new investments and jobs, we must welcome innovation, new technology and advanced energy. Embracing blockchain technology is a step forward to achieve these goals,” said State Senator Matt Dolan, who introduced the bill.
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Arizona passed a bill last year that recognized the legal status of data stored and transacted using blockchain technology. Elsewhere in the United States, California introduced Bill 838, which is still pending approval while Nebraska and Florida have postponed their respective efforts to move forward with blockchain legislation.
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