California’s Blockchain Bill: A New Era of Digital Ledger Discussions

What’s the Buzz About AB 2658?

California is once again leading the charge into the digital age—or should we say, the blockchain age? The latest hot topic is Assembly Bill 2658, which aims to set up a working group dedicated to exploring the ins and outs of blockchain technology. And yes, it passed through both houses of the state legislature faster than you can say “cryptocurrency.” Now it just needs a thumbs up from the governor. No pressure, right?

Defining the Ledger: What Exactly is Blockchain?

Under the terms of the bill,

“blockchain”

is officially defined as “a mathematically secured, chronological, and decentralized ledger or database.” So, in simpler terms, it’s a fancy way to keep track of transactions—kind of like a digital notebook that nobody can erase or alter. This definition will help set the stage for the discussions to come, making sure everyone’s on the same (decentralized) page.

A Diverse Cast for the Working Group

The bill outlines that the blockchain working group will not be your average board of tech wizards. No, this group is designed to be a mixed bag of expertise. Participants will include tech gurus, legal eagles, and even consumer privacy advocates. We might as well call it the Avengers of blockchain!

• Technology experts
• Legal professionals
• Privacy and consumer advocates
• State officials like the Chief Information Officer and the Director of Finance
• A senator and an assembly member

What Will They Do with All This Brainpower?

So, what exactly will this group of diverse experts do? Well, they have their work cut out for them! By July 1, 2020, they’re expected to submit a comprehensive study detailing:

1. The potential uses of blockchain in state government and California-based businesses
2. The risks—yes, the dreaded ‘R’ word—especially regarding privacy
3. The benefits that might come with embracing this tech
4. Legal implications galore

It’s not just an academic exercise; they are also asked to recommend changes to the legal definition of blockchain and any relevant code sections that may need sprucing up post-deployment. Talk about a rewarding job!

Keeping Up with the Neighbors

It’s not like California is the only state hopping on the blockchain bandwagon. States like Connecticut and New York are also getting in on the action. Just this past June, Connecticut’s governor signed SB 443 into law, creating a blockchain working group to breathe life into the local blockchain economy. New York is following suit with its own task force set to report its findings by December 2019.

Looks like it’s a digital gold rush out there, but instead of panning for gold, everyone’s speed reading blockchain whitepapers.