Utah Governor Signs Two Blockchain and DAO Bills to Support Innovation

04/13/2023 09:05 • Tech Ticker • 132 views

According to reports, the Governor of Utah, Spencer Cox, signed two bills related to blockchain and DAO on Wednesday, seeking further support for innovation in developing technology. The first bill, HB 470, requires the Utah Department of Technical Services to initiate a pilot program for digital verifiable credentials on a necklace to prevent unauthorized changes to electronic records. A pilot plan will be established so that the government can utilize these certificates and report on their progress to the Interim Committee on Public Utilities, Energy, and Technology by October.

Utah, USA signs blockchain and DAO related laws to promote the adoption of on chain vouchers and DAO

The Governor of Utah, Spencer Cox, signed two bills related to blockchain and DAO (Decentralized Autonomous Organization) on Wednesday as part of the state’s efforts to support innovation in developing technology. HB 470 is the first bill which requires the Utah Department of Technical Services to initiate a pilot program for digital verifiable credentials on a necklace to prevent unauthorized changes to electronic records. The second bill, SB 212, establishes the Utah Blockchain Advisory Council, a 12-member council aimed at promoting the use and integration of blockchain technology in various sectors.

Overview of the Bills

HB 470

HB 470 is a bill that seeks to establish a pilot plan for digital verifiable credentials on a necklace. This will ensure that unauthorized changes to electronic records are prevented, and these certificates can be used by the government. The Utah Department of Technical Services is tasked with initiating this plan, and they will report on its progress to the Interim Committee on Public Utilities, Energy, and Technology by October. This certificate will allow the government to keep track of public records, and it will be a secure way to store information, especially for vulnerable groups such as children and the elderly.

SB 212

SB 212 is a bill that seeks to establish the Utah Blockchain Advisory Council. The council will comprise of 12 members appointed by the Governor, Senate President, and the Speaker of the House. The council’s primary aim is to promote and integrate blockchain technology in various sectors such as healthcare, finance, and logistics. They will also analyze the legal framework and regulation that governs blockchain technology’s use, such as smart contracts and digital currencies.

The Importance of Supporting Blockchain and DAO Technology

Blockchain and DAO technology have been changing the way people transact and share information globally. The technology has been used to implement secure and transparent systems that can track fraudulent activities in financial transactions, such as money laundering, bribery, and corruption. Additionally, blockchain technology has been used to develop secure voting systems, combat fake news, and digitize land registration systems.
Blockchain technology is decentralized, meaning that it is not under any central authority’s control, making it challenging to hack or manipulate. Decentralized Autonomous Organizations (DAO) built on blockchain technology are gaining ground as people seek to adopt more democratic ways of decision-making. DAO’s are decentralized, self-governing organizations that use blockchain technology to govern themselves, making it transparent, secure, and free from censorship.

Conclusion

Utah Governor Spencer Cox’s recent move to support the integration of blockchain technology and DAO’s is a significant development that will have a considerable impact on various sectors in the state. The establishment of a pilot program for digital credentials and the Utah Blockchain Advisory Council will go a long way in promoting the adoption of blockchain technology and DAO’s. As digital adoption continues to grow, we can expect to see more innovations that will change the way people live, transact, and interact using technology.

FAQs

Q1. What is a Decentralized Autonomous Organization (DAO)?
Ans: A DAO is a self-governing organization that uses blockchain technology to govern itself, making it transparent, secure, and free from censorship.
Q2. Why is blockchain technology important?
Ans: Blockchain technology is decentralized, making it challenging to hack or manipulate. It has been used to develop secure and transparent systems, combat fraud, digitize land registration systems and even used to implement secure voting systems.
Q3. What is the Utah Blockchain Advisory Council?
Ans: Utah Blockchain Advisory Council is a 12-member council appointed by the Governor, Senate President, and the Speaker of the House aimed at promoting the adoption and integration of blockchain technology in various sectors. It will also analyze the legal framework that governs blockchain technology’s use.

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