Colorado Adopts Blockchain Technology by Passing a Distributed Ledger Bill
Colorado lawmakers approved a bill mandating the exploration of distributed ledger technology for the storage of sensitive data, prohibiting fees on certain users of this technology, and encouraging colleges to add it to their curricula.
According to the legislation passed by the State of Colorado, blockchain, along with other distributed ledger technologies, can be used for a variety of purposes, as well as to improve the state of government operations and data security.
Basically, the bill states that tokens that are created for non-financial gain, such as those used for blockchain-based games, would be seen as collectibles. On the other hand, virtual coins created for financial gain would be seen as securities.
In a press release by one of the senators, Kent Lambert said implementing the technology will attract more people to the state. In his own words, he mentioned:
“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 Colorado. Blockchain technology will be instrumental in further elevating the state’s robust technology industry, and empowering new startups and innovators.”
The bill not only focuses on how blockchain technology is able to change the way governments store and transfer sensitive data, but also has implications for Colorado business owners and private citizens. The bill stipulates:
“A county or municipal government shall not:
1. Impose a tax or fee on the use of distributed ledger technologies by any private person or entity; or
2. Require any private person or entity to obtain from any public agency any certificate, license, or permit to use distributed ledger technologies.”
Distributed ledger technology like blockchain allows users to record data and transactions instantaneously in a way that is unhackable. Each distributed ledger is accessed and stored by a number of users, and everyone’s changes appear instantly.
Schools are not left out of the bill as it now encourages universities to add blockchain and related technologies to their curriculum. This will make the students research more on the project and also figure out more ways blockchain can help make the state, and even the world a better place.
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