Rhode Island Eyes Blockchain Benefits to Improve State Operations in New Public Citation

In the United States, the policies involving cryptocurrency and blockchain technology vary from state to state. While Wyoming has reigned as the central location of blockchain technology, Rhode Island is looking to see exactly what the fintech can do within their own government, asking the public for proposals.

  • Rhode Island asked the public for possible blockchain solutions to improve state operation.
  • Each proposal is reviewed with a point-based system, requiring 50/100 points to move on to the next stage.

Blockchain technology is still gaining momentum around the United States, and it has become apparent that the local government in Rhode Island wants to know more. According to official documentation published on May 31st, the Department of Administration/Division of Purchase is seeking information from the public on blockchain solutions. Specifically, their public solicitation is in reference to proof-of-concept proposals.

More specifically, the department is looking for “qualified firms” to submit proposals in an effort to “further the State’s goal of becoming more efficient, transparent, accurate, secure, and business-friendly.” Any interested firms need to send in their submissions by June 21st.

There are many ways that these proposals can cover blockchain, including contracts, medical marijuana, crowdsourcing, licensing, and other areas. However, the solicitation explains that the whole point of the project proposals left open for the hope of innovation.

The proposals are meant to be reviewed and will be subsequently graded with a point system. The criteria that the company will grade it on is as follows, according to the documents:

Grading table. Source: ri.gov

The technical version of the proposal absolutely has to be awarded at least 50 points from the technical evaluation committee. If the minimum number of points are awarded, the proposal will move on to the demonstration/proof of concept interview, followed by the cost proposal.

At the end of February 2019, the representatives in Rhode Island decided to introduce a bill that would keep blockchain tokens from being covered by extant state securities laws through changes to the Rhode Island Securities Act. In the bill, the exemption would only end up applying to non-utility tokens.

According to recent reports from Cointelegraph, a report was recently published by Data Foundation and Booz Allen Hamilton, discussing the application of successful blockchain solutions in government. The research included details from the seven successful blockchain solutions that are being implemented at the federal level. It also included information that would help to determine which blockchain solutions show a success.

So far, the Food and Drug Administration (FDA), the Department of Health and Human Services, and the Department of Defense have all showed successful programs involving blockchain technology.

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Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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