Vermont's political and academic leaders have high hopes that a new law will help make the state a leader in cutting-edge blockchain technology
Gov. Phil Scott held an official signing ceremony on Tuesday – he had already signed the original law in May – to focus on the legislation he expects to accelerate the growth of roadblocks in the state.
"Blockchain is a way to create electronically accessible trusted documents, so that people can control them and (they are) extraordinarily difficult to hack," said Oliver Goodenough, a commercial law instructor at Vermont Law School, who participated at the ceremony in South Burlington City. Room.
Scott compared the potential of the S 269 law with the successful effort at the end of the 70s to establish a niche for Vermont which became a world headquarters for captive insurance companies.
"This is a new technology: people are still trying to figure out how to use it, how to regulate it, how to incorporate it into their business model," said Jill Rickard, of the Vermont Financial Regulatory Department. "So I think it has the potential to be huge for the state if we allow these business entities to incorporate here where they are not really possible in other states." We are a prime promoter in this area. "