US State that consolidate the majority public firms, is scrutinizing the benefit of blockchain technology to move more of its paperwork to low-cost systems. Delaware governor Jack Markell is scheduled to discuss details of the Delaware Blockchain Initiative at an industry conference on Monday in New York. Blockchain is famous as the open technology that practices bitcoin transactions by recording them all on a public ledger. Advocates tout blockchain’s security and low cost, qualities that are attracting some companies and governments to scrutinize how it might be apply to process other kinds of transactions.
Mr. Markell’s office has already started working with the state’s powerful bar association to determine how great to incorporate the technology into state law and will start a pilot program to move state archival records onto the open-ledger technology known as blockchain.
Delaware is the US second-lowest state, and has one of the smallest populations, but it is an outsize player in the incorporation business, perhaps its famous industry. More than 1 million companies are incorporated there, including half of all publicly traded companies in the U.S. and roughly 65% of the Fortune 500. The project involves an open ledger maintained across a network of computers, giving users instant access to the transaction history as opposed to heavily fortified servers that protect data and can have more trouble communicating with one another. Before blockchain moves forward in the state, a committee of lawyers under Delaware’s bar association has to determine if and how to roll it out.