Four New Blockchain Bills Just Filed By NY Assemblyman

Blockchain Bills

Clyde Vanel, a New York Assemblyman, has just filed four new proposed laws that are aimed at promoting blockchain technology applications by the state government. These specific bills were created to hopefully initiate a legal uniformed language for the blockchain technology and promote studies around using this technology for local and state elections.

The Four Bills

His first bill looks to amend NY’s technology law to add specific sections that will include definitions of the terms “smart contract” and “blockchain technology” as well as provide a uniformed comprehension of the signatures that are stocked within the blockchain.

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His second hopes to initiate the study and evaluation of the use of blockchain tech to protect voter records and the final results of the election. This study will be set for twelve months and hopes to assess whether the blockchain technology is able to effectively prevent or downsize voter fraud, maintain better voting records, improve the security on digital voting systems and efficiently sharing election results.

The third is calling for the inspection and formation of a group set to assess whether the blockchain is a viable resource and platform in order to store government records that can be shared quickly and efficiently. This group is also required to conduct at least one public hearing, as per the bill, and submit a concluding report before January first of 2019.

The fourth and final bill is aimed at mandating the assembly of a “digital currency” task force that’s primary function is to analyze the possible “effects” that cryptocurrencies may have on the state’s financial markets.

Three of the four bills have already been referred to a legislative committee.

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