Blockchain Tech Is Coming To Rhode Island

Blockchain Tech Is Coming To Rhode Island

Crypto news Lifestyle Media
March 24, 2020 by Super System
473
Blockchain Tech

U.S. Reps Show Support For Blockchain Innovation

Blockchain Tech

Two state reps in Rhode Island introduced a new bill to promote blockchain technology adoption within the state. 

The two reps, Blake Fillipi and David Place, introduced the new bill tagged, “Rhode Island Economic Growth Blockchain Act,” on March 11. The aim of the bill is to provide new grounds for blockchain innovation, as well as ensure Rhode Island’s ability to meet up with the changing times in the technological world. 

The new bill hopes to provide blockchain regulatory factors within Rhode Island. A Part of the bill reads; 

“The state of Rhode Island understands that to compete in the twenty-first-century economy, Rhode Island must offer one of the best business environments in the United States for blockchain and technology innovators, and should offer a comprehensive regulatory technology sandbox for these innovators to develop the next generation of digital products and services in Rhode Island.”

According to the two reps, Blockchain technology provides favorable economic outcomes going forward. However, in order to facilitate the favorable economic outcomes, there are certain public-private partnership guidelines that must be met. They further mentioned that such partnerships will build trust, performance, and can be facilitated by blockchain technology. 

Details of the bill 

The bill explains the need for a blockchain-based filing and recording system, and it highlights the benefits of implementing blockchain in the areas of finance and health. The document says, 

“Existing legal frameworks are restricting technology innovation because these frameworks were largely established at a time when technology was not a fundamental component of products and services. Technology innovators require a supervised, flexible regulatory sandbox to test new products and services using waivers of specified statutes and rules under defined conditions.”

Rhode Island is one of the several states in the U.S proposing crypto and blockchain bills. 

 


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