Washington introduces new bill to recognize and encourage blockchain

Copyright © Blockchain Council www.blockchain-council.org
Washington introduces new bill to Recognize and
Encourage Blockchain
The development around Blockchain technology seems to be buzzing the world
every day. There isn’t a day when you would not hear people talking about this
technology. The blockchain is one of the most significant technological revolutions
that the world is talking about. 2009 was the year when the world got to know
about DLT or Blockchain technology.
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It was after this that different companies and nations started to explore different
avenues of Blockchain technology and how we can develop the application based
on this system. Washington has also introduced a bill that promotes the use of
Blockchain technology. Read ahead to know more about this news.
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What is Blockchain Technology?
The blockchain is a distributed ledger technology; all the information in the ledger
is stored in chronological order. By this we mean, every data or information
exchange on this platform is time-stamped.
4

An essential feature that Blockchain has to offer is peer-to-peer connect and
decentralization which makes easy for the two parties to communicate with each
other without relying on the third party. There is no third party validation required
for the same. It eventually saves time and money, thus ensuring that the entire
exchange takes place without consuming much of time.
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What Benefits Does This Technology Hold for Us ?
Blockchain usage and application has still not reached mass acceptance. It is still
not comprehensible by the common man and this reason that we are seeing many
training centers and research institutes surging so that Blockchain gains
widespread acceptance.
Since tracking of data becomes easy with Blockchain, this technology finds usage
in supply chain management, information, and provenance. .
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All these aspects make Blockchain a versatile technology which can be used in
different industries. From academics to healthcare, retail to finance, there is hardly
any industry left which does not use Blockchain technology.
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On the related note, when it comes to research in this field, we have seen many
new initiatives and regulation formulating that will help in the overall development
of Blockchain technology by removing its drawbacks.
Apart from the establishment of research and training institutes, there is a need for
regulation that can govern and regulate the Blockchain application. Nations are
trying to formulate regulatory bills that will help in making Blockchain a full-proof
technology.
8

What is Washington Doing?
The Washington State Senate came up with a bill in January 2019, which amends
the current legislation and at the same time, it also encourages the development
of DLT. With this bill, Blockchain-enabled digital signatures and licenses will be
codified. It will provide legal recognition to enforce these standards.
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What is The new bill all about?
SB 5638 was introduced on January 25th, 2019. This bill will recognize the validity
of DLT or Distributed Ledger Technology or Blockchain as we popularly know. SB
5638 is an amendment and addition to the current act, the “Washington Electronic
Authentication Act.” This new bill will revise the definition and purpose and
construction section of the revising the Washington Electronic Authentication Act.
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At present, the act facilitates commerce by a reliable electronic message and that
the digital signatures are not denied legal recognition. The new bill will also
provide a voluntary licensing mechanism for digital signature certification.
With this new bill, we will have a formulated and structure mechanism approving
and motivating the use of Blockchain technology.
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Presently, Washington State is the hub for the technology giant, and it has
companies like Amazon, Microsoft headquartered here. It also has companies like
Facebook and Google present here. With all these giant companies placed here
and promotion of Blockchain technology here, we can soon see it impacting other
nations as well.
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The state is also developing Blockchain with companies like Storm X, NEM, Stably
and other newbies which are developing the course of action of Blockchain
technology in the times to come.
With the legalization and regulation of Blockchain technology, we will have state
promoting implementation of Blockchain and creating a favorable ecosystem of
growth for companies.
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Wrapping Up
The Blockchain is not only the technology that the world is talking today but its
also a technology that will be here in the future as well. It has paved the gateway
of opportunities for not only the established companies but at the same time, and it
also paves the way for opportunities of growth for companies in the future.
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Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
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● Certified Solidity Developer
● Certified Ethereum Developer
● Certified Corda Expert™ (CRCE)
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THANK YOU!
Any questions?
You can mail us at
hello@blockchain-council.org
Copyright © Blockchain Council www.blockchain-council.org 16

Washington introduces new bill to recognize and encourage blockchain

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Washington introduces new bill to recognize and encourage blockchain