New Law: Californians Store Records on Blockchain – Crypto News – Crypto News
Connect with us
New Law: Californians Store Records on Blockchain New Law: Californians Store Records on Blockchain

Blockchain

New Law: Californians Store Records on Blockchain – Crypto News

Published

on

Californians will be able to choose a blockchain-based delivery of vital records due to a new law making the technology an integral part of state recordkeeping.

The state has been looking over numerous cryptocurrency proposals. Gov. Gavin Newsom, who has vetoed a crypto licensing and regulation bill recently, approved another one that tells county records offices to allow for blockchain tech to be used in this manner, a CoinDesk report notes.

The tech could be used in the distribution of birth, death and marriage records — with PDFs sent immediately instead of a 10-day postal delivery as has been done in the past.

The bill, which was proposed by California state Sen. Robert Hertzberg, will test how blockchain works for essential government functions for the most populated US state.

“This secure and highly convenient process will allow the average person to access their vital records and shows California is still leading the way for innovation,” Hertzberg said in a statement to CoinDesk on Thursday.

Arguing for the bill last month, Hertzberg said it was faster, cheaper and more efficient, a way for Californians to save time and money. It will also be more secure overall.

PYMNTS wrote previously about the veto of the bill that could’ve created a crypto regulation framework, writing that Newsom had said it might have forced smaller startups out of the state.

Read more: Veto of California Crypto Law Cold Comfort for the State’s FinTech Sector

The Digital Financial Assets Law passed both houses of the state legislature in August, and was called a California BitLicense law, referring to New York’s crypto licensing regime that has caught heat for reportedly driving businesses out of the state. One of the businesses driven out of New York was the Kraken cryptocurrency exchange, which moved to San Francisco.

The Blockchain Association, a crypto industry lobbying group, was happy about Newsom’s veto and said the bill “threatened to choke innovation and stop California’s burgeoning crypto industry in its tracks.”

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking services, just 9.3% call them their primary bank.

,

We’re always on the lookout for opportunities to partner with innovators and disruptors.

Learn More

https://www.pymnts.com/blockchain/2022/blockchain-based-smart-contracts-can-cut-escrow-costs-prevent-mortgage-fraud/partial/

Trending