Washington Passes Bill to Expand Blockchain Adoption

washinton

March 31, 2022

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After 3 years of turbulent history at the Washington state’s legislature, the northwest pacific state’s governor has finally passed into law, a working group to explore the opportunity in crypto space.

In their quest to grow as a global leader in blockchain technology, the Washington state will now have a blockchain working group, an initiative meant to bring together blockchain stakeholders and look into the technology’s applications across wide range of areas like computing, supply chain, health care, banking and financial services, real estate transactions, higher education and public record keeping, present its findings to the state governor, Jay Inslee by December 1, 2023.

However, the workgroup will comprise seven government officials and eight leaders of various trade associations in Washington. The bill was originally proposed by the Republican senator, Sharon brown who said, “Every day, companies are adopting blockchain technology to improve delivery of services,” he furthered by saying;

This new law is a vital first-step in creating an environment that is welcoming of new business prospects, eager to seek out new applications, and willing to identify potential supply-chain management and STEM-education opportunities.”

As time passes, more adoption of blockchain technology is increasing, with Washington the latest among the states in the US to seek the opportunities in blockchain technology.

New York has been the leading state in Bitcoin mining, contributing about 19% of the country’s hashrate. Texas, also preferred for crypto mining due cheap electricity and abundance of land for mining centers, it contributes about 14% of the US hashrate.

Wyoming is the home of Kraken’s bank crypto exchange, the state has acknowledged Decentralized Autonomous Authorities (DAO).

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