Ohio Enacts Law Recognizing Blockchain Records in Industries from Real Estate to Health Care

Ohio is one of the first states to adopt legislation recognizing the use of blockchain technology to save and secure electronic records in an array of industries.

by Thomas Gnau, Dayton Daily News / August 7, 2018
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(TNS) — Ohio is touting itself as a friend to blockchain businesses.

Gov. John Kasich Friday signed legislation enabling new uses for the blockchain technology.

Ohio is one of the first states to adopt legislation recognizing the use of blockchain technology to save and secure electronic records in an array of industries, from financial services to supply chain management, real estate and medical records, JobsOhio said in an announcement.

Last year, General Motors and Ford joined BMW and Renault and other firms in creating the Mobility Open Blockchain Initiative to explore how blockchain could be used in the automotive world.

Blockchain is a digital record where data cannot be changed without the assent of the entire network.

“In Ohio, blockchain innovators can thrive in their efforts to develop new products and applications for the financial industry and beyond,” said Valentina Isakina, JobsOhio financial services managing director. “Many companies looking to expand their blockchain and R&D operations are rapidly growing job creators, and Ohio is now even more attractive to these businesses.”

Ohio cities are trying to open their doors to businesses that rely on the technology, including Columbus, with its “smart city” initiative and in Cincinnati, with the “10XTS” venture.

Earlier this summer, Ohio lawmakers passed legislation updating Ohio law dealing with electronic transactions to include blockchain-based transactions.

“In order for Ohio to compete for new investments and jobs, we must welcome innovation, new technology and advanced energy. Embracing blockchain technology is a step forward to achieve these goals,” State Sen. Matt Dolan, who introduced Ohio’s bill, said in JobsOhio’s release.

Ohio’s financial services industry is the fifth-largest among the states and is the second-largest private sector within the state.

With 270,000 employees, Ohio is second only to New York City as a location for top U.S. bank and insurance company headquarters, JobsOhio said.

©2018 the Dayton Daily News (Dayton, Ohio) Distributed by Tribune Content Agency, LLC.