Blockchain Taskforce Bill Passes in New Jersey Senate

The NJ Legislature has passed S-2297, a bill sponsored by Sen. Tom Kean (R-21) and Sen. James Beach (D-6), that launched the” NJ Blockchain Initiative Task Force” to study whether state, county, and municipal governments can benefit from a transition to a blockchain-based system for record keeping and service delivery. Simply stated, blockchain is digital information (the block) stored in a public database (the chain).

According to the legislation, blockchain will allow the state to reduce the prevalence of disparate computer systems, databases, and custom-built software interfaces, reducing costs associated with maintenance and implementation, streamlining the sharing of information, and allowing more regions of the state to participate in electronic government services.

The task force will study opportunities and risks associated with using the technology, different types of blockchains, and different consensus algorithms, projects and use cases currently under development in other states and nations, and how the legislature can modify current state laws to support secure, paperless recordkeeping.

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