In Illinois, State Officials Are Steadily Building a Blockchain Strategy
The state government of Illinois has quietly established a working group tasked with developing a strategy for integrating blockchain tech. The working group, put in place earlier this year, draws representatives from several public agencies, including the state’s Department of Innovation and Technology, Department of Financial and Professional Regulation and the Department of of Insurance. Its mandate: identify the ways that blockchain could make government services more efficient, while at the same time making it easier for citizens to do business with state agencies. Anne Melissa....
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A draft resolution submitted to the Illinois legislature has proposed the creation of a working group dedicated to blockchain technology. House Resolution 120, filed on Wednesday by state representative Michael Zalewski, would establish a 12-person group focused on researching the tech. Public records show that the resolution has been referred to the House Rules Committee for consideration. At its heart, the draft calls for Illinois to investigate how state and local-level governments can utilize blockchain – work that is already being done, in a way, by a consortium of government agencies....
Legislators are now preparing to welcome BitcoinThe General Assembly of the State of Illinois has announced that it has held a hearing regarding the role of virtual currencies and this meeting included a proposed amendment to Illinois's Transmitters of Money Act. Elizabeth Hernandez, the Democratic representative for area 24 in the Illinois House of Representatives, introduced an amendment to the state's Transmitters of Money Act seeking to clarify the role of cryptocurrencies, and their use, throughout the state. The Financial Institutions Committee hearing took place at 3.30 p.m on....
What started as an early experiment by the state of Illinois to offer insurance services on a blockchain has expanded into a formal state-wide initiative. Announced today at Blockchain Conference Chicago, the Illinois Blockchain Initiative, a first-of-its-kind consortium comprised not just of companies – but of five government agencies, is a far-reaching measure aimed at not only making it easier for startups to innovate but removing barriers for the government to build with blockchain. In conversation with CoinDesk, Secretary of the Illinois Department of Financial and Professional....
State Street is on the verge of putting a significant amount of its workflow on a blockchain. The financial corporation with $2tn in assets under management is now testing 10 early stage blockchain tools that could help automate everything from internal operations to transactions between business and consortia-level multiple-party deals. Thus far, the bank has divided its efforts into three categories, each of which is being built largely independently of the others, bank officials said. But as more and more applications become production-ready, their various functionalities will....
On 1st December, the state of Illinois took its first step in its ambitious multi-agency plan to guide the integration of blockchain technology into government operations. The Illinois Department of Financial and Professional Regulation (IDFPR) announced that it has released for public comment its proposed Digital Currency Regulatory Guidance on decentralized "virtual currencies", which is intended to address inadequacies found in the IDFPR’s interpretation of the state’s Transmitters of Money Act. The release happened at the same time the state’s Department of Innovation & Technology....