The Bill 838 legally recognizes the information contained on the block-base
As the Senate published a Bill 838 document in January, it is clear that the state of California is working to a large extent on the introduction of a blockchain technology as a legal way to keep and store specific data. Senator Robert Hertzberg introduced new measures for adopting such a system that will enable companies to store data, including information on shareholders on the block-based platforms.
This proposal aroused a favorable public opinion reaction and captured the attention of a large section of audiences interested in the blockchain system, as well as in most of the world.Masses are following developments in the world of cryptocurrencies, especially bitcoin news and desire to get more prominent bitcoin wallets.
The State Senate’s Banking and Financial Institutions Committee has submitted its measure to the Judicial Committee of the State on April 18 this year.
If the California justice system approves this measure, it will go to the Senate for a vote. California could be the next country in the United States that introduced blockchain into the legal order.
What does the new Californian blockchain law mean?
The new law refers to the storage of data about company’s stocks and ownership of its. According to this, it will be possible to record data such as the names of the shareholders, addresses, the number of shares created on each shareholder, as well as the records of all transfers, on the blockchain platform.
This paper contains several items that specify that all the stored data on the block must be able to convert into clearly legible documents within a reasonable time and that the blockchain system can be used to record data on already existing shares.
California maintains its technological and financial development
Just, as in some other US states, such as Delaware and Wyoming, and California will legally enable companies to keep administrative information on blocks, or one or more distributed electronic networks.
These measures are moving this country’s policy towards the development of new technologies and their implementation in an already existing system. As Senator Hertzberg has estimated, California must follow the progress of new technology and finance world, especially in the area of the blockchain, which is apparently more and more accepted solutions in the world as one of the more reliable and which can prevent hacker attacks in the future.