Colorado’s state senate has passed a bill which allows for blockchain technology to aid in cyber security and in the storage of government records.
The new law, which was passed under Senate Bill (SB) 18-086, stated that all Colorado government offices are to implement blockchain encryption techniques to stop cybercrime and prevent unauthorized access into confidential records..
The Colorado bill goes over in detail how blockchain offers multiple ways to protect records in all Colorado state agencies. Additionally, it specifies for institutions of higher education to include distributed ledger technologies within their curricula and research and development activities. It specifically calls on the University of Colorado at Colorado Springs and any private institutions of their choosing to research ways to protect privacy of personal identifying information maintained within distributed ledger programs, among other important issues regarding the technology.
Colorado’s bill seems to be the most in-depth bill today in regards to implementing blockchain in the public sector, however, it’s not the first. Arizona signed a bill that allows state residents to pay their taxes with cryptocurrency. In Louisiana the mayor of Lafayette Parish is proposing that the parish create its own cryptocurrency and an Initial Coin Offering (ICO) in hopes for Lafayette to be a technological hub. This plan is very similar to one that Seoul, South Korea is developing. In Berkeley, California the city began the idea of a creating a cryptocurrency and backing it with municipal bonds and selling those “crypto enabled microbonds” in order to raise money for affordable housing to help the city’s homeless population.
This bill was passed and recorded on May 7th, 2018.