On Aug. 3, Ohio Governor John Kasich signed legislation that will stimulate business investment in blockchain technology to transmit and store electronic records in a wide range of industries. The new law makes Ohio one of the first U.S. states to provide legal protection to firms developing new uses for this cutting-edge technology. It also offers an additional draw for companies that may be looking to expand their blockchain and R&D operations to the state.
Innovators continue to develop new applications for blockchain technology in industries ranging from financial services to supply chain management, real estate and healthcare. Benefits include greater security of information, reduced costs and faster transactions. Cryptocurrencies such as bitcoin are just one way that blockchain technology can be used.
Efforts to promote the business and government uses of blockchain technology and the development of research communities have been well underway across the state – in Columbus, with its Smart City initiative; in Cleveland, where leaders are proposing the BlockLand initiative; and in Cincinnati, with the 10XTS venture.
Columbus-based SafeChain is one company in Ohio that already offers blockchain technology for use in the title insurance industry. Its SafeWire technology helps prevent fraud and complete property transactions faster and more securely.
For the financial industry and other businesses, Ohio already offers a wide range of advantages to companies that are looking to expand, including no corporate income tax, a digital-savvy workforce, a collaborative innovation environment and low cost of living compared to other digital hubs. The new law will strengthen the state’s position in the national competition for attracting additional financial technology investment, as well as investment in other industries.