(TNS) – Ohio is advertising itself as a friend for blockchain activities.
Gov. John Kasich approved Friday's legislation allowing new uses for blockchain technology.
Ohio is one of the first states to adopt legislation that recognizes the use of blockchain technology to save and protect electronic records in a range of industries, from financial services to supply chain management, ownership real estate and medical documentation, JobsOhio stated in an announcement.
Last year, General Motors and Ford joined BMW and Renault and other companies in creating the Mobility Open Blockchain Initiative to explore how the blockchain could be used in the automotive world.
Blockchain is a digital record in which data can not be edited without the consent of the entire network.
"In Ohio, blockchain innovators can thrive in their efforts to develop new products and applications for the financial sector and beyond," said Valio Isakina, JobsOhio's chief financial services officer. "Many companies seeking to expand their blockchain and R & D activities are growing rapidly and now Ohio is even more attractive to these companies."
The cities of Ohio are trying to open their doors to companies that rely on technology, including Columbus, with its "smart city" initiative and in Cincinnati, with the "10XTS" initiative  At the beginning of this summer, Ohio legislators passed a law that updated Ohio's law on electronic transactions to include blockchain-based transactions.
for Ohio to compete for new investments and jobs, we need to welcome innovation, new technology and advanced energy. Embracing blockchain technology is a step forward to achieve these goals, "says Senator Matt Dolan, who introduced the Ohio bill.
The Ohio Financial Services Industry is the fifth largest among the states and is the second largest private sector within the state.
With 270,000 employees, Ohio is second only to New York City as the headquarters for major banking and US insurance companies, said JobsOhio.
© 2018 Dayton Daily News (Dayton, Ohio) Distributed by Tribune Content Agency, LLC.