The state of New Jersey recently passed bill S2297 for the creation of New Jersey Blockchain Initiative Task Force. The news was announced on the state’s official site. The bill signed by the State Governor, Phil Murphy aims to shed light on blockchain technology and solutions for the betterment of the state by forming a task force specially anointed for this purpose.
Breakdown of the Bill
The task force would comprise of 14 members specially chosen and appointed by state officials. It would be headed by Officer Chris Rein, Chief Technology Officer of the state. The task force would be headlining research on existing and emerging blockchain technology, their advantages and disadvantages, public and private blockchains, and consensus algorithms. The force would also deal with the task of revising laws for secure data transactions.
The group would have a period of 180 days to report back on its research which would include a well-studied and cost-efficient method of bringing blockchain technology into state government offices.
Officer Chris Rein who is to headline the task force commented saying that he’s keenly looking forward to the integration of blockchain technology with the workings of the state government. Senator James Beach, the bill’s sponsor, emphasized blockchain’s solid security measures. The senator lauded the technology’s ability to safeguard and protect data from hackers and breaches alike.
New Jersey has recently embarked on a protection drive against two initial coin offerings (ICOs). According to The Bureau of Securities, Zoptax and Unocall are engaging themselves in fraudulent business. The unregistered ICOs have reportedly issued false information regarding their sales and transaction. The companies have also been charged with the pretense of hiding key information from their users.