The State of Washington has created a working group to examine the use of blockchain technology in commerce, industry and services.
Washington State Governor Jay Inslee signed a law creating a working group to study applications for blockchain technology in various fields. Specifically, the plan is to explore blockchain’s potential application to businesses in the service, financial, and industrial sectors of the economy.
The working group includes government officials and members of state trade associations who represent the medical, agricultural, utilities, insurance, technology and financial industries. Blockchain technology will be studied in computing, banking and other financial services, real estate, healthcare, supply chain management, higher education, public health and public record-keeping. The report and recommendations on the practical application of blockchain technology will be submitted by December 1, 2023. The bill was first considered in the Senate in 2019 but was vetoed by the governor in 2020. Since then, it has been in the process of being finalized. The development may be related to a general move in the US to introduce mechanisms to regulate the cryptocurrency market.