Vermont Considering Blockchain Tech for State Records, Smart Contracts
Vermont has recently taken some legislative steps that could see the state using Bitcoin’s technology for state records, smart contracts and other applications in a drive to become “a leader in the field.” On June 3, 2015 Vermont Governor Peter Shumlin signed into law “No. 51. An act relating to promoting economic development. (S.138),” which contained “Sec. A.3. Study and Report; Blockchain Technology.” This mandates that a report be written by January 15, 2016, which has “… finding(s) and recommendations on the potential opportunities and risks of creating a presumption of validity for....
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As it look for ways to utilize new innovations for its own record keeping applications, the State of Vermont has asked experts to submit a report on the blockchain technology. The request, signed by the state governor himself, has directed the Secretary of State, the Commissioner of Financial Regulation, and an Attorney General to consult with the delegates of the National Conference of Commissioners on Uniform State Laws and the Center for Legal Innovation at Vermont Law School, while creating a report that elaborately discusses the risks and benefits associated with the blockchain....
The cost of using an implementation of the blockchain for a public records management system would outweigh any potential benefits, a report prepared for Vermont’s state legislature concludes. The report, commissioned as part of a broader legislative effort aimed at promoting economic growth, was prepared by Vermont's Secretary of State, Attorney General, and the Department of Financial Regulation. Representatives from the Center for Legal Innovation at Vermont Law School and the Uniform Law Commission also contributed to the report, which was delivered to the legislature on 15th January.
A report on the use of blockchain technology as a mechanism for storing state records is set to be delivered to the Vermont legislature by 15th January. According to a summary of the bill, the study is intended to explore "opportunities and risks" for storing electronic facts using blockchain technology. The final version of the bill also requires that the report focus on addressing "unresolved regulatory issues". The mandate for the study was part of an economic development bill signed into law last summer by Governor Peter Shumlin. The law instructs the state's Attorney General, the....
In the future, governments, companies and other institutions could be using the blockchain technology to track and verify the ownership of property records, banking records, securities and anything else posted on an open data platform. Oliver Goodenough, who directs the Center for Legal Innovation at the Vermont School of Law has been studying the potential of smart contracts and automated securities that can automatically and permanently record information and he finds that the blockchain network is the best and most robust way to do this: "Property records, particularly in the developing....
Bitcoin ATMs have been a growing market worldwide as Bitcoin slowly and consistently gains popularity, and many parts of the United States have joined the technology revolution. Some states in the union are more interested and accommodating than others. New Hampshire has been very pro-Bitcoin within their state's regulatory framework. It appears that their western next door neighbor, Vermont, is not so much. Vermont goes from Hero to Zero. At the heart of the matter is being licensed by the state of Vermont to operate a Bitcoin ATM. Blu-Bin/PYC has been running this Bitcoin ATM at a Church....