Governor of New Jersey Phil Murphy recently signed bill S2297 that is an act to form a so-dubbed New Jersey Blockchain Initiative, Task Force. The aim of the task force is supposed to review blockchain solutions for the benefit of the state.

The news that murphy passed this bill comes by way of an announcement on the official website of the state of New Jersey in August. 8. per the release, the taskforce can study the risks and rewards associated with blockchain and distributed ledger technology; public blockchains, private blockchains and consensus algorithms; current projects and use cases around the world and their potential within the state; and what laws might be changed for secure and paperless recordkeeping.

The taskforce will compile a six-month report

The task force can contain fourteen members who are appointed by officials in various positions of government.

The group will have 180 days after it starting meets to cover its discoveries and can incorporate a money saving advantage investigation of bringing blockchain tech into government organizations, yet in light of the power's proposals on executing such arrangements.

The task force is going to be headed by the states Chief Technology Officer Chris Rein. Rein commented that he was "eager to assess and encourage structure how our legislature can best utilize, and streamline blockchain innovation."

Senator James Beach, who sponsored the bill, commented on how he feels assured that blockchain has a place in government as a kind of security measure:

“In an age wherever digital data wants protective, blockchain may be a technological innovation that may defend us from hackers and people seeking to steal our data [...] I feel that whatever the taskforce decides, there's a place for blockchain to be employed in local governments to protect them from the ever-increasing dangers of the web.”

Regulatory enforcement for crypto in New Jersey

As antecedently reported by Top Market Group, the state of New Jersey has recently taken steps to protect its citizens against 2 allegedly fraudulent initial coin offerings (ICOs). The Bureau of Securities in New Jersey has claimed that the companies Zoptax and Unocal are engaged in fraud via their unregistered ICOs, and has referred to as on them to end their offerings immediately. The bureau claimed that the 2 corporations had antecedently issued “materially false and dishonest statements and/or omitting to state material facts in reference to the offer and sale of its securities.”

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