Washington passes bill to accelerate state blockchain adoption

Washington Governor Jay Inslee signed a bill that establishes a working group focused on boosting the use of blockchain technology in the state.

The initiative aims to accelerate the adoption of the technology across a wide range of industries. This includes banking and financial services, healthcare, real estate transactions, higher education, supply chain, etc.

According to a statement published on Thursday, the formed working group will help Washington continue to grow as a global leader in blockchain technology.

Blockchain in Washington

The working group will include a range of key stakeholders, including legislators, financial institutions and trade associations. The group is expected to report to the Governor on its findings by December 1, 2023.

As Senator Sharon Brown highlighted, more and more companies are adopting blockchain to improve their services:

“This new law is a vital first step in creating a welcoming environment for new business prospects, eager to pursue new applications and willing to identify potential opportunities in supply chain management and STEM education.”

Brown further said that by creating the “Washington Blockchain Work Group,” the senators are sending a clear message that Washington is ready to begin working with the private sector to advance the use of this technology for the benefit of all.

The Cascadia region – where Washington state is located – is home to hundreds of startups focused on diverse technology, including blockchain.

Arry Yu, an executive at the Cascadia Blockchain Council, believes that the formation of the working group will transform Washington into a global cryptocurrency hub.

“It has been a tireless few months of work by the Council and our supporters. And it’s gratifying to see our hard work coming to fruition,” she said.

Likewise, Michael Schutzler, CEO of the Washington Technology Industry Association (WTIA), believes the initiative will attract future investment. In addition, it will create job opportunities in the state of Washington.