Senator Bob Hertzberg’s campaign for a ‘California Blockchain Bill’ has passed the Senate’s Banking and Financial Institutions Committee with a ‘yes’ recommendation, marking a first step in enabling the use of blockchain technology for recording data.
The Blockchain Bill ‘SB 838’ is designed to introduce greater security, using blockchain technology for the issuance and transfer of corporate share certificates. Furthermore, creating an immutable ledger of the corporation’s stockholders and their shares.
Senator Bob Hertzberg, a Democrat Senator representing California’s 18th Senate District, stated in a recent Press Release:
“California needs to continue our legacy of taking on new and developing technologies, especially ones like blockchain, which is being embraced worldwide and presents a strong level of security that is resistant to hacking.”
Hertzberg points out that 11 of Forbes’ Fintech 50 for 2018 rely on the blockchain or are somehow involved with the technology.
Whilst promoting the bill to his peers in government, Hertzberg has suggested that blockchain technology can further be used for applications such as voting and land titles.
The California State is home to Silicon Valley and many of the worlds largest technology related businesses.
Delaware, a state in which the majority of US businesses are incorporated, has been allowing companies to use blockchain to store their share registers for over 8 months, since legislation was ‘passed’ in August 2017.
The ‘California Blockchain Bill’, which comes with a recommendation to enact, is due to be heard by the Senate Judiciary Committee in the next few weeks.