The state of Washington has approved a bill aimed at increasing the adoption of blockchain technology across a variety of industries. The bill was signed into law by Washington State Governor Jay Inslee. According to reports, the law enabled the establishment of the Washington Blockchain Work Group, which will now investigate the potential of this technology.
A working group will investigate the implications of blockchain technology.
The work group will be made up of key stakeholder groups, legislators, financial institutions, and trade associations. The group will investigate the technology’s implications in a variety of fields, including health care, higher education, banking, and financial services. The Blockchain group, on the other hand, will hold an inaugural meeting by December 1, 2022, and then submit a review report to the Governor by December 1, 2023.
According to reports, the bill was sponsored by ten state senators. The bill, on the other hand, has a long history, as it was first proposed in 2019. The governor refused to grant official permission in April 2020, so Senators worked for nearly two years on a bill to make it acceptable.
Senator Sharon Brown, who introduced the bill, stated that the new law is the first step in creating an ecosystem based on blockchain technology. He went on to say that many businesses are acquiring this technology on a daily basis in order to improve their services.