It appears as though the state of Vermont is seriously exploring the potential of blockchain technology. The state is the second-smallest by population in the United States, and the announcement was made by Vermont attorney general T.J. Donovan.
In a statement, Donovan said: “In an era of persistent data hacks, security breaches, and online activity, exploring new and innovative ways to protect our data is essential. And, we must strive to balance economic opportunity with consumer protection.”
Vermont has apparently established a working group of state agencies to explore the potential of blockchain. The agencies include the Agency of Commerce and Community Development, the Secretary of State, the Department of Financial Regulation, and the Office of the Attorney General. The working group will not be working without any feedback, as input will be provided from stakeholders, blockchain associations, and industry experts.
The group will explore challenges and concerns with distributed ledger technology in hopes of finding out whether blockchain-specific legislation should be deemed a priority or not. The state has a vibrant agricultural economy, and Donovan views blockchain as applying to that particular sector.
He stated during an interview: “I think food is a big one – tracking where food is coming from, all the way from farm to table. Whether or not we’re looking at a potential marijuana industry in this state, to make sure that it’s safe, that it’s not gonna impact public health or the public. So, it really gives you, I think, security, in tracking back where things went.”
This is not the first time that the state has addressed blockchain technology. In fact, the governor of the state, Phil Scott, signed a bill in August that would review exactly how blockchain could apply to record-keeping.
He said: “This new legislation holds the promise of making government more efficient, cost effective, and ultimately saving Vermonters money.”
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