The California Senator’s blockchain bill has finally made the news and advanced in the State Legislature. According to Senator Bob Hertzberg who is a Democrat representing the San Fernando Valley, the new bill would allow blockchain technology to be used into formal documentation.
In other words, the bill proposes that blockchain is used in what’s known as corporation’s articles of incorporation through the state of California. After presenting the bill and naming it SB 838, Senator Hertzberg pointed to it as the “first step” towards unveiling the decentralized technology and its possibilities.
“The world around us is changing, and government must adapt with these rapidly evolving times. California needs to continue our legacy of taking on new and developing technologies, especially ones like blockchain, which is being embraced worldwide and presents a strong level of security that is resistant to hacking,” was what Senator Hertzberg said in a press release.
Designed to introduce crypto-fueled security into the issuance of the transfer of corporate share certificates, the bill named SB 838 will be “recorded and kept on or by means of blockchain technology or one or more distributed networks” as the bill says.
In addition to this, the bill would extend to “the names of all of the corporation’s stockholders of record, the address and number of shares registered in the name of each of those stockholders.”
Senator Hertzberg has been educating his peers about the public ledger for months so far. He proudly points out that 11 companies out of the Forbes’ Fintech 50 for 2018 rely on the blockchain or are somehow linked to cryptocurrencies.
The next step right now is for the SB 838 bill to be presented to the Senate Judiciary Committee in May this year.
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