Vermont, the second least populated State in the U.S., has made a significant move concerning the exploration of the blockchain by creating a group made up of state agencies to study the technology.
T.J. Donovan, the state’s attorney general, made the announcement and revealed that the group would start working on the blockchain’s tech exploration next year in January. The group is to source additional knowledge from stakeholders, blockchain associations, and other experts in the blockchain industry. The group is consisted of about four state agencies namely Agency of Commerce and Community Development, the Secretary of State, the Department of Financial Regulation, and the Office of the Attorney General.
The Use of Blockchain in Vermont’s Agriculture
The state’s attorney general also added that the research was key because of the several hacks and security issues plaguing the cyberspace. He further said that economy would need to strike a balance with user protection in financial terms.
The group’s findings will conclude if blockchain-specific legislation might be a necessity. Also, the group in its research will be saddled with the task of detecting the concerns, challenges, and opportunities that the blockchain might provide for the state. The group will also need to determine the best way Vermont’s inhabitants can be best protected while using the blockchain technology.
In an interview with WCAX-TV, Donovan suggested that the blockchain might be used in the state as a tracker for agricultural produce in the state of Vermont to allow the safety of the produce for ingestion. He stated that food would be tracked ‘all the way from farm to table’. Donovan was quoted as saying;
“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.”
Vermont’s Approach to Blockchain
A bill was signed into law by the state Governor, Phil Scott earlier this year which allowed the booming of blockchain startups and the subsequent adoption of the blockchain in the state. The bill was signed into law on the 30th of May this year. The bill also contained a call for the blockchain to be studied and to determine how the blockchain could be applied in the developments of Vermont’s economy. The Governor said that the blockchain held opportunities for cost efficiency and boosting of Vermont’s economy.
It has been noted that the US government, in general, is lackadaisical in its approach towards the blockchain. Business Insider UK months back, published a piece about how it was felt the US should strategize on how to address the development of the blockchain particularly because of the issue of national security and being able to measure up to other countries economically if cryptocurrency finally gets adopted as currency all over the world.