DFR Commissioner Michael Pieciak and Secretary of State Jim Condos signed a memorandum of understanding on January 9, which outlined their joint efforts to explore the use of blockchain in digital recording practices. state captive industry.
On 10 January, DFR and SoS jointly issued an information request (RFI) to identify suppliers who could work with the state to launch a pilot program that would allow new prisoners to register with the SoS using blockchain technology.
The RFI applications expire on January 24, while the RFI is scheduled for February 14th.
Blockchain is a digital ledger technology designed to create a transparent and validated transaction record, which offers users greater efficiency, accuracy and security than traditional archiving methods.
The pilot is being prepared to test the functionality of the blockchain in the state regulatory processes.
In addition, the program will review and revise relevant statutes, rules, regulations and bulletins to facilitate the implementation of blockchain technology.
In May of last year, revealed the Vermont Captive Insurance division he was planning to work with the SoS on a project that tested the use of blockchain in prisoners.
David Provost, vice captive insurance commissioner, commented: "Vermont has long been known as an international leader in captive insurance with a strong regulatory and professional community and a willingness to embrace innovation."
"This makes the captive insurance industry of Vermont the ideal place to pilot this blockchain program."
Condos suggested to the pilot to allow the state to "examine whether or not the application of blockchain technology for digital record keeping could improve aspects of the state regulatory process".
Commissioner Pieciak said: "Financial services companies are innovating at the speed of light and regulators have to keep up."
"This partnership with the SoS offers a great opportunity for our teams to learn more about distributed ledger technology and understand how they could benefit state and Vermont companies."
