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MONTPELIER, Vt. (WCAX) The state of the economy is being projected to join forces to study how the emerging technology of blockchain can grow.
Blockchain is a secure electronic record-keeping system that can not be modified or amended. State officials are hoping to figure out how they can help the state and the dangers might be.
Bitcoin. The technology is often associated with the crypto currency. But Vermont Attorney General TJ Donovan says it could be a useful tool for commerce. The working group will include the attorney general's office, the Department of Financial Regulation, the Secretary of State's Office and the Agency of Commerce. They will take a look at how they can be used in Vermont.
Donovan says he thinks the technology can help agriculture and other industries because of its ability to securely track products. "I think food is a big one – tracking where food is coming from, to the way from farm to table." "We are looking for a potential marijuana industry in this state, to make sure that it's safe, that it's I do not know, I think, security, tracking back where things went, "Donovan said.
Lawmakers have also taken notice of blockchain. The Legislature passed to this year on the Department of Financial Regulation to study how blockchain can work in the insurance and banking industries.
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