New Jersey Approves Blockchain Initiative Task Force

New Jersey is about to witness blockchain implementation research.

Governor Phil Murphy signed bill S2297, the Blockchain Initiative Task Force, into law on August 9. The task force is commissioned with examining potential use-cases for blockchain innovation on the state and local level. The bill mainly focuses on land records, banking, medical records, and property auctions as potential applications.

The bill, which is first drafted in March last year, passed the New Jersey Senate with one nay and the assembly unanimously.

Consisting of 14 designated members, the task force has 180 days to submit research to the governor’s office and the state’s committee on science, tech, and innovation.

State-level interest in blockchain technology has expanded over the past two years, primarily due to cybersecurity risks.

The Colorado Department of Transportation (CDOT), for instance, was targeted by a ransomware case in November last year. With around 400 servers attacked and the framework frozen, Gov. John Hickenlooper called the first-ever state cybersecurity tech emergency.

State authorities usually find information compromises a huge issue. With numerous entities in government requiring access to information records, state-level IT offices are seeking a secure way to share information.

Colorado’s IT office says blockchain innovation may well be a potential solution to cybersecurity issues such as the recent ransomware assault.