The SouthEasternmost U.S. state of Florida is planning to install a blockchain task force for the study of the Distributed Ledger Technology (DLT) and its respective potential and risks. Based on that intention, a bill has been drafted explaining the concept of blockchain, the role of the task force, and its impact in the state.
Florida’s Bill for the Establishment of Blockchain Task Force
A bill for the establishment of a blockchain task force in the Department of Financial Services has been drafted by Florida. The task force is concerned with the duty of coming up with a grand plan that will promote the development of blockchain technology in the state. It will also be responsible for offering recommendations in the sector of state investments and policies that will place Florida as a leading state, where blockchain is concerned.
Other than that, the task force also has the duty to organize a study that will discern, if and how, the transition to a blockchain-based system for recordkeeping, security, and service delivery, will benefit the state, country, and municipal governments. In line with that, it also has to study the advantages of the DLT in the sector of financial transactions, data security and also come up with ways of enhancing the governments’ communication with businesses and the public.
Blockchain Taskforce to be Made Up of 12 Members
As a result, the blockchain taskforce will consist of 12 members. They will include three agency heads appointed by the governor, along with four people from the private or public sector, having a good knowledge regarding the blockchain industry, also chosen by the governor and another four selected by the Chief Financial Officer. The President of Senate and Speaker of the House of Representatives will appoint the remaining members.
While drafting the bright future of blockchain, part of the bill stated that blockchain technology uses cryptographic algorithms to securely record data. The technology has reached a position where the opportunities it presents in the area of cost savings, cybersecurity, and efficiency compel it to undergo a study.
Florida, West Virginia and Other US States Adopt Blockchain
Florida is not the first state to express an interest in the area of blockchain technology, given that West Virginia has orchestrated an election using a DLT based app. This app allowed residents from abroad to cast their vote. On January 31, BTCNN also notified that Florida’s Third District Court of Appeal had altered a ruling and was considering Bitcoin as money.