The Fate of California’s Blockchain Bill Yet Undecided

California’s blockchain legislation, that creates a working group around the electronic ledger technology, is still waiting for Gov. Jerry Brown’s signature.

The legislation, AB 2658, would also change the Uniform Electronic Transactions Act to include the definition of blockchain accepted in the bill.

“Blockchain technology has exciting potential for the tech industry and private business in California. Defining blockchain technology in statute and including it in the Uniform Electronic Transactions Act will give innovators greater certainty to begin incorporating blockchain technology into their business,” Assembly Majority Leader Ian Calderon told Techwire in an email when it was introduced in February.

The working group would include state agency CIOs and the state CIO, or their designee, as well as appointees from the director of finance, the Senate and the Assembly. The group would be established by July 1, 2019, and study the risks, benefits and private-sector use cases.

“In a statement from the state Senate’s most recent analysis, Calderon said the state needs to create an environment that encourages entrepreneurs and innovators to develop around blockchain if it is to continue to be a ‘global leader in fostering innovation and new technology.’ Calderon said blockchain has ‘near limitless’ applications and added: ‘It is in California’s best interest to encourage innovation with and investment in blockchain technology,’” Government Technology reported earlier this month.

The legislation has no co-authors but has passed committees with unanimous votes.

“Once a record is written to a blockchain, it is there forever,” said Gangadharam (Greg) Osuri, co-founder and CEO of Overclock Labs, based in San Francisco. “It cannot be altered, and it is visible to anyone with access to the chain,” Techwire reported in April. “The technology, Osuri told lawmakers, is in its infancy but the potential impact on commerce ‘rival that of the World Wide Web itself.’”

Brown has until midnight Sunday to sign legislation for them to become law during this session.

This story was originally published by Techwire

Be the first to comment

Leave a Reply

Your email address will not be published.