Jay Insley, governor of Washington state, signed legislation to set up a working group to evaluate the state’s blockchain technology.
The group will make policy recommendations to “make Washington a favorable place to do business” and “promote the development of blockchain applications and the entire industry in Washington”
The team will also assess the impact on existing industries, assess racial equality in the industry, and assess the power demand and environmental factors of the technology, which supports the energy intensive process of cryptocurrency “mining”
Blockchain technology is often used as a ledger for transactions and has many other uses. Cryptocurrency “mining” is becoming more and more popular in Washington state.
Seattle’s startups in this area include stormx, an encrypted cash back application company, nori, a carbon removal market, and arcblock, which provides a blockchain system for building decentralized applications.
Related information: list of start-ups building encryption, blockchain and Web3 technologies in Seattle
Techstars, a global network supporting entrepreneurs, launched a new accelerator project in Seattle this summer to support blockchain startups. Amazon Web Services provides blockchain services, and Starbucks uses this technology to help customers track the coffee supply chain.
“This new law is a key first step in creating an environment that welcomes new business prospects, is eager to seek new applications, and is willing to identify potential supply chain management and stem education opportunities,” the Washington Technology Industry Association said in a statement Senator Sharon Brown is a Republican from Kennewick and neighboring cities.
“We sent a clear message that Washington is ready to start working with the private sector to advance this technology for the benefit of all Washington residents, employers and workers,” Brown added.
Brown initiated the bill, which was passed almost unanimously in the State House of Representatives and Senate, and was supported by the industry organization Cascadia blockchain Council within WTIA.
Insley signed the bill last week and the organization’s recommendations will be submitted by the end of next year.
“The Cascadia blockchain Committee has been committed to making the region a global center for blockchain development. Today is an important step towards our goal,” committee chairman arry Yu said in a statement.
The new group will be composed of Washington lawmakers, representatives of state agencies, including the Department of Commerce, and individuals appointed by the governor from organizations including the Cascadia blockchain Council, a large and small company and a federally recognized tribe.
Last year, Washington state established a new fintech information center to collect licensing guidelines and regulations in one place.