It is no surprise that businesses tend to move to territories that are more friendly towards them. So, perhaps unsurprisingly, when the new governor of a state specifically talks about a particular industry, it emboldens them. The election of Mark Gordon has been seen as a big boost for the Crypto industry.
Elected with a clear majority, the rancher and businessman had been working as the state treasurer for some time. Under his auspicious, the department modernized and grew.
With his focus on transparency and accountability, there is little wonder that the 33rd Governor of Wyoming might be keen on the opportunities that blockchain might offer. In his inauguration speech, he specifically mentioned the good work being done by the local Blockchain industry.
Doing More For A Future Technology
The incoming Governors speech was littered with the expected subsections where he thanked people, talked about the challenges ahead and the positive vibes about the future. However, his special praise for Cryptos and a hint of more to come drew attention. He said
“In just this last year, Wyoming has become the envy of the nation for its innovative approach to Blockchain with new startups like BeefChain and SheepChain. We can do more. “
This has given many crypto enthusiasts heartening signs of progress within an otherwise suffocating business environment for digital asset firms. He went on to speak about how the state was showing the nation how to attract and foster crypto businesses.
What Is Beefchain?
Referencing something that only a Rancher could, Governor Gordon highlighted Beefchain as a success story. With Wyoming, a major producer of beef, the state has been looking at ways to ensure standards are maintained. BeefChain is a “rancher-centric” supply chain utilizing blockchain based technology.
It looks to provide tracking and verification of the meat, giving detailed information about the animal itself to how the meat was cut. This removes the middlemen and ensures better prices for the rancher and provides consumers with greater confidence.
Crypto And The Food Industry
As the world gets more into GMO and fears of “enhanced” meat escalate, the food industry has been looking at means to use blockchain supply-chain solutions to improve traceability and assuage customer fears.
Like Wyoming’s blockchain for beef and sheep, the French supermarket giant, Carrefour, also uses the blockchain in a similar fashion, only their prime focus is on poultry. Similarly, a company in Fiji makes use of the Ethereum blockchain, to track back on fish.
Attracting The Right Kind Of Attention
With its friendly government and pro-business legislation, the state has recently seen a lot of interest from crypto companies. For example, IOHK has recently confirmed their plans to shift. Charles Hoskinson, the founder, was recently asked about his plans to leave Hong Kong in search for a new home for his company.
In reply, he confirmed “Well actually [IOHK is] leaving Hong Kong. We’re moving to Wyoming next to Colorado in the United States. I live in Colorado. So we’re now a US company.”
IOHKs coin Cardano (ADA) has been doing rather well, ranked 11 in terms of market capitalization and valued at $0.042.
A Pro Crypto State
With a slew of bills to promote digital assets, the state of Wyoming has been making its stance clear. Recently it defined what tokens were and passed bills to make their setup and trade easier. Caitlin Long, a well-known Blockchain enthusiast, a longtime Wall Street veteran. and the Chairman and president of blockchain company, Symbion. She had proudly tweeted
” IT BEGINS! The first of 6 #Wyoming #blockchain bills passed Senate committee 5-0 today. This bill allows banks to keep books/records on blockchain. I’ll publish a post about the bills soon!” True to her word more followed.
While there are still challenges that need to be overcome, just by making the sector less restricted the state has taken the right approach. With a clearly pro crypto governor at the helm, the future of blockchain based companies looks to be in good hands.