California Senator Permits Blockchain for Financial and Business Practices

California-Senator-Permits-Blockchain-for-Financial-and-business-practices

Senator Bob Hertzberg of California, representing the 18th Senate District, permitted blockchain technology for certain financial platforms and business practices according to this report by Equites.com on April 23.

Bill SB838 allows corporations to utilize blockchain technology to record the names of corporate stockholders, addresses and number of shares registered of each of those stockholders, and all transfers of stock of the corporation.

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Senator Hertzberg, who introduced the bill before the Senate Banking and Financial Institutions Committee stated that he is determined to work on governing the next generation and not the next election. He also states that this bill would secure a method to issue and transfer corporate share certificates.

This is a great move towards integrating more blockchain technology within California at a limited capacity, states the senator in this press release:

“The world around us is changing, and government must adapt with these rapidly evolving times. California needs to continue our legacy of taking on new and developing technologies, especially ones like Blockchain, which is being embraced worldwide and presents a strong level of security that is resistant to hacking.”

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