The governor of Ohio, John Kasich, recently signed a bill that defines a legal framework for using blockchain. With the passing of this bill, Ohio has become the first American state to recognize the application of Distributed Ledger Technology (DLT) in the US in various industries such as real estate, financial services, healthcare, and supply chain management.
Also, this makes Ohio the first state to introduce blockchain technology in its working for saving and securing electronic records across all the verticals.
New bill determines electronic records & signature
In May 2018, the Senator of Ohio, Matt Dolan, put forth SB300 bill. However, it failed to progress in the state legislature. Even then, the legislature included some portion of that bill as amendments in the new SB220 bill that was recently passed on August 3, 2018. The new bill adopted by the Ohio legislature defines and determines electronic signature and electronic records. It says, “Electronic record means a record created, generated, sent, communicated, received, or stored by electronic means. A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.”
Financial services managing director at JobsOhio, Valentina Isakina, said that the state of Ohio offers a good opportunity to blockchain innovators who through their efforts can come up with new applications and products for the financial industry and other fields. She further added that many companies want to expand their Research & Development and blockchain operations and are rapidly looking out for experts who could fulfill this requirement.
According to her, this makes Ohio more attractive to the businesses and job creators.
Ohio to encourage businesses based on technology
Cities of Ohio want to attract businesses that are based on technology such as the “smart city” initiative by Columbus and the “10XTS” venture in Cincinnati. State Senator Dolan is of the opinion that if Ohio wants to compete for new jobs and investments, it has no other option but to welcome new technology, innovation, and advanced energy. Dolan rather believes that by embracing blockchain technology, the state has taken a step forward towards achieving all these goals.