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(TNS) – While the Franklin County auditor is preparing to become the first in Ohio to use blockchain technology to transfer real estate, lawmakers say it is time for the state to capitalize on what some call the next leap of the Internet. [19659002] Blockchain, which is most often associated with Bitcoin, the largest cryptocurrency in the world, promises not only to improve the efficiency and security of the government, but, if pursued correctly, can make the state a magnet for high-tech jobs, House Speaker Ryan Smith said.
"This is so new and just starting to take shape that we can position Ohio in the face and above all put it out in a way that gives our children … an opportunity to stay in Ohio and not having the brain pours on the west coast, "said Smith, R-Bidwell. "It's a great opportunity for Ohio to really start the economic engine on a different perspective."
Smith said he wants to start early convening meetings across the state to make people feel more comfortable with technology and better understand how it can be applied to declare government services and documents.
Blockchain stores and distributes information through a computer network, making it widely accessible but also decentralized and more secure. According to the concept, instead of stealing from a person robbing his bank, a person's money is held in hundreds of banks and stealing this would require the appropriation of each at the same time.
Franklin County Auditor Clarence Mingo says technology One day is important for businesses such as the development of email in the early 1990s.
"It is important that the government is forward-looking and in step with this new technological development, "said Mingo.
Mingo imagines a day when all ownership transfer records are made via blockchain in an all-digital process where the buyer, seller, bank, valuer and securities company never meet, but they nevertheless complete selling a home.
"It's almost hacker-proof, but it still gives each party total control over their appearance of that transaction," Mingo said. "Speed is great, and if things happen faster, they generally cost less."
Mingo is working with Columbus' startup SafeChain on Tuesday to test the blockchain on the transfer of about three dozen ownerships through the sale of office properties. [19659002] Tony Franco, CEO of SafeChain, said his 18-month-old company also works with county officials in the counties of Washington and Perry.
"You need to have government partners willing to test, build and learn while the infrastructure is under construction," he said. "The state that signals being open to doing business and willing to work together is incredibly important."
Mingo said the state government explored the use of the blockchain and reported to local governments that "it is a prudent use of taxpayer dollars to start exploring and eventually used this type of technology." [19659002] Legislators passed a law in June to include the blockchain in the section of state law that dealt with electronic signatures and electronic records.
Smith also said that the state could combine efforts to design blockchain jobs with areas of federal opportunities that use tax incentives to encourage investment in low-income areas.
"C & # 39; is a very short list of states and government entities, internationally and in the United States who are actually embarking on this journey," said Bernie Moreno, president of Ownum in Cleveland and a leader in trying to make the city is a center of blockchain activity.
"There is a lot of money sitting out there to take advantage of areas of opportunity and investment (Ohio City),"
Franco said that Ohio is taking small steps in the right direction.
Getting the state interested in technology "will surely, in the long run, open up the pipelines for work, venture capitalists and companies," he said. "We are seeing more and more public-private partnerships with the government."
© 2018 The Columbus Dispatch (Columbus, Ohio) Distributed by Tribune Content Agency, LLC.
