Ohio Jumps on the Bandwagon of States Legally Recognizing Blockchain Data
In May 2018, Ohio lawmakers introduced SB 300 seeking to become one of the latest U.S. states to legally recognize smart contracts and records stored on a blockchain. Introduced by State Senator Matt Dolan, the bill amended sections of the Uniform Electronic Transactions Act to include blockchain records and smart contracts as electronic records. The bill also allowed for smart contracts to be legally enforceable as any other contract would be.
“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 those goals,” said Dolan.
SB 200, which was approved by the Ohio senate in June and signed by Governor John Kasich into Ohio law on Friday, August 3rd, incorporated some of the wording from SB 300. The bill amends Ohio’s Uniform Electronic Transactions Act to state that “a record or contract secured through blockchain technology is considered to have the same legal standing as any other electronic signatures defined under the act.” The proposed language to amend the law to recognize smart contracts was omitted from the bill that was passed.
Ohio cities are already trying to open their doors to businesses which rely on blockchain technology. Smart Columbus is the Smart City initiative for the Columbus region. In February, it issued a request for proposals (RFP) to technology companies interested in building what will become the Smart Columbus Operating System, or SCOS. The SCOS will take three years to build and will serve as the hub for all of Columbus’s interrelated smart city efforts. Columbus is looking to leverage sensors, internet of things, blockchain and other emerging technologies.
Columbus-based SafeChain already offers blockchain technology for the use in the title insurance industry. Its SafeWire technology helps prevent fraud and complete property transactions faster and more securely.
In Cleveland, luxury car mogul Bernie Moreno is the driving force behind the BlockLand initiative. Moreno wants to make Northeast Ohio a national epicenter of all things blockchain. He is focused on broader applications for business and government. He is organizing a blockchain industry conference on December 1st-4th, encouraging employers like Cleveland Clinic, KeyBank and Progressive Insurance to research using blockchain technology, and finding funding for local universities to tailor their curriculum around blockchain research and training.
Entrepreneur Michael Hiles founded Cinncinati-based 10XTS, a venture lab that builds enterprise blockchain products and solutions for various industries. He thinks blockchain will find its way into every industrial space. “Just like the internet, no one ever thought it would do what it did, but here we are 20 years later and it has disrupted every industry segment. I expect that same impact with regards to blockchain-related applications,” he told Dayton Daily News.
Having lived in Columbus, Ohio for nearly two years and been introduced to the exciting technology startup community thanks to Dave Hunegnaw (Founder of BYLINED, Partner at LOUD Capital), I can tell you that this is a state to watch in terms of blockchain development. Stay tuned for more to come.
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