Blockchain Task Force Bill Passes In New Jersey Senate

A bill that would establish a task force charged with exploring the merits of using blockchain technology to modernize government systems has passed the New Jersey state senate.

The New Jersey Senate Bill 2297, introduced in March 2018 by Republican Thomas Kean and Democrat James Beach, aims to create a blockchain initiative task force to study whether state, county, and municipal governments can benefit from a transition to a blockchain-based system for recordkeeping and service delivery.

According to the bill, blockchain will allow the state to reduce the prevalence of government’s disparate computer systems, databases, and custom-built software interfaces, reducing costs associated with maintenance and implementation, streamlining the sharing of information, and allowing more regions of the state to participate in electronic government services.

“Blockchain has reached a point where the opportunities for efficiency, cost savings, and cybersecurity deserve study,” the bill said. “Blockchain technology is a promising way to facilitate a transition to more efficient government service delivery models and economies of scale, including facilitating safe, paperless transactions, and permanent recordkeeping resistant or nearly impervious to cyber-attacks and data destruction.”

The task force will be tasked to study the issue of blockchain technology, including opportunities and risks associated with using the technology, different types of blockchains and different consensus algorithms, projects and use cases currently under development in other states and nations, and how the legislature can modify current state laws to support secure, paperless recordkeeping.

“Blockchain is not a myth, or a passing fad. This technology has evolved tremendously since the early days of bitcoin and crypto-currency,” Senator Kean said. “The more I learn about Blockchain, the more I have come to see this as a great way for government offices to increase efficiency and secure the electronic systems we use every day to aid and protect residents Statewide. The task force established by our bill will look for cost-effective ways to implement this technology in a way that can benefit our taxpayers.”

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