A report on the use of blockchain technology as a mechanism for storing state records is set to be delivered to the Vermont legislature by 15th January.
According to a summary of the bill, the study is intended to explore "opportunities and risks" for storing electronic facts using blockchain technology. The final version of the bill also requires that the report focus on addressing "unresolved regulatory issues".
The mandate for the study was part of an economic development bill signed into law last summer by Governor Peter Shumlin.
The law instructs the state's Attorney General, the Secretary of State and the Department of Financial Regulation to develop the report and draw from insight from the Center for Legal Innovation at Vermont Law School and the Uniform Law Commission.
According to attorney Carl Lisman, a ULC commissioner who has taken part in the drafting of the report, it is "almost, but not yet, complete". He declined to divulge details on the contents or conclusions of the report.
While the state may be looking to adopt the technology for record-keeping purposes, Vermont has already taken steps to regulate aspects of its local digital currency ecosystem.
Susan Donegan, commissioner of the state’s Department of Financial Regulation, told CoinDesk last year that her agency is applying existing statutes to businesses working with the technology.
Representatives of the Attorney General, the Secretary of State, the Department of Financial Regulation and the Center for Legal Innovation at Vermont Law School did not immediately respond to CoinDesk’s requests for comment.
Vermont legislature image via Shutterstock