Vermont Starts New Blockchain Technology Research Working Group

Vermont’s attorney general T.J. Donovan explained that the state’s government is planning to launch an agency to study blockchain technology.

The group in charge of the project will first seek insight from blockchain associations, stakeholders, and industry experts. Four state agencies will participate as well, including the Secretary of State, the Department of Financial Regulation, Agency of Commerce, and the Attorney General’s Office.

Donovan stated, “In an era of persistent data hacks, security breaches, and online activity, exploring new and innovative ways to protect our data is essential. And, we must strive to balance economic opportunity with consumer protection.”

The group’s goal is to determine the necessity of blockchain-specific legislation by identifying challenges, concerns, and opportunities that the technology presents.

According to Donavan, one of the main-use cases of the technology is to track the transport of agricultural productions to ensure that they meet safety standards. He stated,

“I think food is a big one – tracking where food is coming from, all the way from farm to table. Whether or not we’re looking at a potential marijuana industry in this state, to make 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.”

The state’s governor also signed a bill that promotes the adoption of distributed ledger technology so that blockchain startups can have an easier time. The legislation came into effect in May 2018. In august, the governor also signed another bill for the review of blockchain technology concerning public.