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Blockchain Initiative Task Force To Study Potential Use-cases In New Jersey

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The northeastern state of New Jersey has enacted the Blockchain Initiative Task Force law after Governor Phil Murphy signed Bill S2297 last week.

The bill, drafted in March 2018, passed the New Jersey Senate with just one vote against it, while the Assembly passed it unanimously.

A 14-member task force will study potential use-cases for blockchain technology, including how the Legislature can modify current State laws to support secure, paperless record-keeping.

The task force will submit a report within 180 days to the Governor's office and the state's Committee on science, tech, and innovation after studying the costs and benefits of government agencies utilizing blockchain technology and recommendations concerning the feasibility of implementation.

Speaking in a panel discussion at the Propelify Innovation Summit in Murray Hill, Murphy said growing New Jersey's innovation economy will take more than just new and smart government policy.

"In an age where digital information needs protecting, blockchain is a technological innovation that will protect us from hackers and those seeking to steal our information," said Senator James Beach, who is one of the lawmakers who sponsored the bill.

Governor Murphy also signed a Bill creating the Innovation District Designation Program within the New Jersey Commission on Science, Innovation and Technology.

State-level adoption of blockchain technology holds relevance as many state departments face cybersecurity threats.

Around 400 servers of the Colorado Department of Transportation (CDOT) were affected and the whole computer network was hung in a ransomware attack last year.

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