New Jersey Governor Signs Bill to Establish Blockchain Task Force

New Jersey is incorporating a blockchain special task force plan into law, signaling the imminent entry of blockchain implementation research into the state of New Jersey.

According to a report, Governor Phil Murphy recently signed a bill S2297 aimed at creating an action called the New Jersey Blockchain Initiative Task Force. The task force is said to be established to study blockchain solutions for the benefit of the state.

The task force is tasked with researching potential applications of blockchain technology at the state and local levels. The bill specifically mentions medical records, land records, banking, and real estate auctions as potential applications.

The bill was initially drafted in March 2018, unanimously passed the New Jersey State Senate, and was approved. The news of the bill's passage was announced on the official New Jersey website on 8/8 here. According to the press release, the task force will study:

1. 1. Risks and returns associated with blockchain and distributed ledger technology
   2. Public blockchains, private blockchains, and consensus algorithms
   3. Existing projects and use cases worldwide and their potential in the state
   4. What laws can change secure and paperless recordkeeping

The task force will compile a report over six months and submit the research report to the Governor's Office and the State Committee on Science, Technology, and Innovation. The task force will consist of 14 members appointed by government officials at all levels. This team will be led by the state's Chief Technology Officer, Chris Rein. Rein stated:

I am excited to evaluate and help shape how our state government can best utilize and optimize blockchain technology.

Sponsor Senator James Beach commented on his confidence in blockchain as a security measure and its place in local government:

In an age where digital information needs to be protected, blockchain is a technological innovation that can protect us from hackers and those trying to steal our information. I believe whatever the task force decides can be used with blockchain. Protecting them from the growing dangers of the internet in local government.

According to previous reports, the New Jersey Securities Exchange has banned two ICO projects, citing fraudulent activities. Shortly after, this bill was swiftly introduced.

Interest in blockchain technology has increased significantly in various countries over the past two years, particularly due to cybersecurity threats. For example, the Colorado Department of Transportation (CDOT) was hit by ransomware in November 2018. About 400 servers were affected, infrastructure was frozen, and Governor John Hickenlooper called it the state's first-ever national cybersecurity technology emergency.

As multiple departments in the government need to access data files, state-level IT departments are looking for a secure way to share information, with blockchain becoming the preferred choice.

Related Reading

• The New Jersey Securities Exchange terminates two ICO projects, citing fraud
• IBM applies for blockchain-based web browser patent at USPTO

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