Ohio Takes Charge in Supporting Blockchain Businesses with New Legislation

Ohio Takes Charge in Supporting Blockchain Businesses with New Legislation

Photo by Keagan Henman on Unsplash

Governor John Kasich of Ohio signed a new piece of legislation on August 3, 2018, that will enable new uses of blockchain technology within the U.S. state.

Ohio’s Push into Blockchain

Moving forward, the new legislation will allow the use of blockchain technologies to transmit and store electronic records from a breadth of industries ranging from financial services to supply chain management, real estate and healthcare.

The development of research communities has already been underway across the state. In Columbus, there is the Smart City initiative; meanwhile, in Cleveland, leaders are proposing the BlockLand initiative. Finally, in Cincinnati, there is the 10XTS venture.

Sen. Matt Dolan said:

“In order for Ohio to compete for new investments and jobs, we must welcome innovation, new technology and advanced energy. Embracing blockchain technology is a step forward to achieve these goals.”

One Ohio-based company that is welcoming blockchain technology with open arms is SafeChain, which utilizes the technology within the title insurance industry to help prevent fraud and complete property transaction faster and more securely.

Tony Franco, chief executive officer and co-founder, SafeChain elaborated:

“The recent efforts led by Sen. Dolan and the Ohio legislature demonstrate both the capability and the willingness of the public and private sectors to collaborate on the community’s shared interest in making Ohio a place where innovation thrives. Partnerships between entrepreneurs, legislators, and economic development groups give fintech companies in the area a competitive advantage through speed to market, information access and ability to impact policy in a positive direction.”

Blockchain Promotes Economic Expansion

The law complements the state’s approach to economic expansion, according to JobsOhio, the private economic development corporation for the state, and is expected to draw in companies looking to expand their blockchain and research and development operations.

Valentina Isakina, financial services managing director, JobsOhio said:

“In Ohio, blockchain innovators can thrive in their efforts to develop new products and applications for the financial industry and beyond. Many companies looking to expand their blockchain and R&D operations are rapidly growing job creators, and Ohio is now even more attractive to these businesses.”

Isakina continued:

“Ohio already offers a wide range of advantages to financial services companies that are looking to expand, including no corporate income tax, a tech-savvy Millennial workforce, collaborative innovation environment and low cost of operations, compared to other digital hubs. The new law will further strengthen the state’s position at the forefront of innovation.”

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