Ohio became one of the first territories to legally recognize blockchain for the storage and transmission of information throughout the United States after the state governor signed a bill on Monday that legalizes such technology applied to a wide range of industries.
Through Bill SB300, which directly amends Ohio’s Uniform Electronic Transactions Act, a group of legislators introduced in May the possibility of distributed accounting technology being legally recognized in Ohio’s private and public industries for information management.
The law was approved in the first instance by the state Senate in June, and this week it was approved by the governor of the territory, John Kasich, according to a public statement.
The new legislation states that all documents scanned, sent and signed through the blockchain are recognized as authentic and even digital signatures and smart contracts can be used for commerce and will have legal effect.
Ohio State adopts a new regulatory framework to recognize blockchain technology and smart contracts utility
The initiative is mainly focused on the financial industry. However, the communiqué also highlights that supply chain companies, government authorities, and health platforms could also benefit from technological advances in distributed ledger networks.
Ohio State Senator Matt Dolan said blockchain technology could help the local economy by securing the technological and economic leadership.
“For Ohio to compete for new investments and jobs, we must welcome innovation, and new technology,” he said.
Valentina Isakina, executive director of financial services for the Ohio Private Development Corporation (JobsOhio), also said this kind of action could help move the most innovative projects to realize their full potential, an approach that will allow Ohio to expand economically.
“In Ohio, blockchain technology innovators can thrive in their efforts to develop new products and applications for the financial industry and beyond,” said Valentina Isakina from JobsOhio.
The Ohio State is one of the largest economies in the United States, ranking fifth among the most economically and financially developed states in the nation. As if this were not enough, the territory has also presented an essential development of blockchain technology initiatives, which will directly benefit from the recently passed legislation.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.