Colorado Passes Blockchain Legislation

Blockchain, News, Regulation | May 9, 2018 By:

The US state of Colorado has passed a bill that involves using blockchain technology for government record-keeping and cyber security.

The bipartisan Senate Bill 86 was first introduced in January by Senators Angela Williams and Kent Lambert and Representatives Joann Ginal and Robert Rankin. It requires the governor’s office of information technology (OIT), the Department of State, and the Department of Regulatory Agencies to consider using encryption techniques and blockchain technology in order “to protect against falsification, create visibility to identify external hacking threats, and to improve internal data security.”

“The expanded use of distributed ledger technologies, such as blockchains, may offer transformative improvements to data security, accountability, transparency and safety across dispersed state departments and jurisdictions,” the bill states.

The bill also prevents local governments in Colorado from imposing license requirements, fees, or taxes on the use of blockchain technology. Further, it encourages institutions of higher education to include blockchain technologies within their curriculum and research activities.

“Blockchain technology has an “if you build it, they will come” appeal, and I believe this bill will help to attract whole new industries to the domain and to Colorado,” said Lambert. “We see significant benefit for organizations and industries that adopt blockchain technology. It will be instrumental in further elevating the state’s robust technology industry, and empowering new startups and innovators.”

“Colorado is an entrepreneurial state and this bill recognizes the vast opportunity of blockchain technology,” said Williams. “It will ultimately shape a better future for Colorado’s students, entrepreneurs, and government alike.”