May 9, 2018

Buckbee Shepherds Blockchain Legislation Through House

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HARTFORD – State Representative Bill Buckbee (R-New Milford) shepherded legislation through the House of Representatives that will create a Blockchain Working Group and to report its findings to the state legislature.

“Blockchain is an emerging technology that is more commonly known for cryptocurrency trading, such as Bitcoin. Much like the young and unknown Internet in the early 1990’s, it is imperative that Connecticut begin to understand the possibilities of what Blockchain could be used for,” explained Buckbee.

According to Buckbee, Blockchain is a decentralized electronic ledger that records data and transactions through an encrypted chain of blocks.

Buckbee stated, “In essence, Blockchain is a secure way in which many different industries can exchange information, currency, and electronic records. It has the potential to improve the delivery of services and ensure data privacy for individuals who engage with it. We must get out in front of this technology to learn how it can be properly utilized.”

11 other states have either considered or adopted legislation regarding the use of Blockchain. The technology has been implemented to protect voter data, government computer systems, and increase the security of certain public-private contracts.

The bill was passed in concurrence with the Senate unanimously. It now heads to the governor’s desk to be signed into law.

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