New Jersey Signs Blockchain Task Force Program Into Law

10 August, 2019 9:25 am

Blockchain implementation research is coming to New Jersey.

Governor Phil Murphy signed bill S2297, the Blockchain Initiative Task Force, into law Friday. The task force is commissioned with studying potential use-cases for blockchain technology on the state and local level. The bill specifically points out medical records, land records, banking, and property auctions as potential applications.

First drafted in March 2018, the bill passed the New Jersey Senate with one nay and the assembly unanimously.

Consisting of 14 appointed members, the task force has 180 days to file a study to the governor’s office and the state’s committee on science, tech, and innovation.

State-level interest in blockchain technology has increased over the past two years, particularly due to cybersecurity threats. For example, the Colorado Department of Transportation (CDOT) was hit by a ransomware case in November 2018. With some 400 servers affected and the infrastructure frozen, Gov. John Hickenlooper called the first-ever state cybersecurity tech emergency.

State officials often find data compromises a large issue. With multiple entities in government needing access to data files, state-level IT departments are looking for a secure way to share information.

Recently speaking with CoinDesk, Colorado’s IT department says blockchain technology could be a potential solution to cybersecurity problems such as the recent ransomware attack.

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Galen Moore is Senior Research Analyst at CoinDesk. The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here. The levers are there to move hundreds of millions in crypto markets, and they’re clearly labeled On May 17…