Ohio has become one of the states to legalize the use of blockchain in the US officially. This came as a result of Governor John Kasich signed a bill on Friday that will recognize using of the Distributed Ledger Technology (DLT).
The blockchain is meant to be used in various industries that include real estate, healthcare sector, financial services, and the supply management among others.
Several Efforts Made To Make Ohio Blockchain-Friendly
Before the signature by the governor, the intentions were clear that Ohio was dreaming to support the blockchain technology. Several attempts had been made to make it a legal context as in May Senator Matt Dolan had a proposal of the SENATOR BILL 300 which failed, but some parts of the bill got included in the SB220 as amendments.
The signed bill is all about electronic transactions as well as contracts which are electronically secured via the electronic signatures and the blockchain. It gives meaning to the electronic signatures and records whereby the electronic record is a record that is created, communicated and received by electronic means.
An electronic signature is an electric sound or unit that is attached to a record and adopted by any person intending to sign a record.
Adopting Blockchain Technology and what it means To Ohio
The idea from form Senator Dolan is that the bill will give certainty to the many transactions that the people in Ohio will be engaged in since the private sector is heavily investing in the blockchain. The law will also attract more companies that are blockchain-oriented according to the Valentina Isakina, managing director jobs-Ohio.
Besides, Ohio is the fifth largest in the US regarding the financial services market and therefore adopting the blockchain technology seems very much relevant. Furthermore, it is where most insurance firms, as well as banks, are headquartered-second to New York. Therefore, welcoming technology and innovation gives Ohio a chance to compete for jobs and also new investments.
Senator Matt Dolan is very confident that the only way to achieve their goals as a state in the current competitive world is only by embracing the blockchain technology. It seems a good step forward for Ohio for now and maybe something for other states in the US to embrace.