Delaware Could Be Model for Other States, Even Nations, With Blockchain Program
On August 1, a Delaware measure made it explicitly legal for entities incorporated in the state to use blockchain for stock trading and record-keeping.
September 13, 2017 at 02:32 PM
4 minute read
Blockchain technology has the power to transform law firm data security, making virtual transactions and data management possible in never before seen ways. The state of Delaware has been on the forefront of this technology in law, as blockchain technology is used in Delaware for corporate records and other applications. On August 1, a new measure went into effect in the state that makes it explicitly legal for entities incorporated in the state to use blockchain for stock trading and record-keeping.
Now, other states and even foreign nations may use Delaware's experience as a model for their own efforts. But before they do so, it's worth examining how Delaware's focus on blockchain came to be, and what state officials believe it will do to help businesses and legal organizations in the state gain efficiencies.
A few years back, Delaware was just beginning to understand the new technology. Mark Smith, a co-founder and CEO at blockchain technology company Symbiont, recalled how he initially approached Delaware state officials about the use of blockchain. He saw that it could be used to address several challenges faced by the state, which is home to many corporations.
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