Nevada Gov. Brian Sandoval this week signed a billed that provides legal recognition of blockchain in satisfying the requirements for written records, specifically contracts.
The bill prohibits local governments from imposing a tax or fee on blockchain or requiring a license or permit to use the technology.
In May 9 testimony to the Nevada Assembly Judiciary Committee, tech startup Filament’s CEO, Allison Clift-Jennings, supported the bill, saying that blockchain allows people to establish trust between each other and the general public.
She cited a January World Economic Forum report that predicted that by 2025, 10 percent of the global GDP will be stored on blockchains or blockchain-related technology.
According to Clift-Jennings, Filament’s products help some of the largest companies in the world run their equipment more efficiently, by making it smart and connected.
“Called the ‘Internet of Things,’ it is poised to be a $267 billion industry by 2020,” she said in her testimony. “Filament uses blockchains to allow its platform to prove everything from the amount of energy produced by a solar panel, to the runtime hours of a diesel generator.”
Clift-Jennings added that having strong legal support for this technology, much in the way electronic signatures also have, will allow entirely new capabilities to be built atop blockchains.