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Florida Creates a Task Force to Investigate Blockchain’s Economic Benefits

Florida Creates a Task Force to Investigate Blockchain’s Economic Benefits

The State of Florida will establish a state task force charged with investigating the benefits and costs of blockchain technology, as well as “requiring the task force to develop a specified master plan for fostering the expansion of the blockchain industry in the state”.

Also read: Blockchain ‘Re-orgs’ – Are They Good or Bad for Bitcoin Security?

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The state legislature set the scene for creating the task force by passing Bill 1024 on 23rd May, 2019. It was signed into law by the Governor after working its way through the system for a little over three months.

The task force will not be a permanent fixture, however. The law states that the group shall terminate once they have submitted their report.

Who Will Be on Florida’s Task Force?

The task force will consist of thirteen total members. Three of the members will be heads of state agencies, and will be appointed by the Governor. Seven of the members may be individuals from either the public or private sectors with knowledge and experience in blockchain technology.

Four of these will be appointed by the Governor, and the remaining three will be appointed by the Chief Financial Officer. There will also be two members that are exclusively from the private sector.

One of them will be appointed by the President of the Senate, and the other will be appointed by the Speaker of the House of Representatives. The final member will be a certified public accountant who will be appointed by the Governor.

The law states that the majority of these members must be appointed, and their first meeting held, within 90 days. The task force will also need to elect one of its members to serve as the chair. The members of the task force will not be paid, however, but they will be entitled to certain reimbursements for expenses such as travel.

Miami Florida

What Does a Blockchain Task Force Do?

There are a five primary requirements that are spelled out in the law for the task force’s master plan.

First, it must identify the economic growth and development opportunities presented by blockchain technology. It must also assess the existing status of the Blockchain industry within Florida. In addition, it must identify how blockchain technology is currently being used by other governments, and determine whether those applications are viable for Florida.

Since blockchain is such a new technology with no established formal education track, the Master Plan will also review workforce and academic programs that are required to build blockchain technology expertise across all relevant industries within the state.

Finally, the plan will need to “make recommendations to the Governor and the Legislature that will promote innovation and economic growth by reducing barriers to and expedite the expansion of the state’s blockchain industry”.

The task force will have 180 days after their first meeting to do their research, develop the “Master Plan” proposal, and present their findings.

“The task force shall submit a report to the Governor, the President of the Senate, and the Speaker of the House of Representatives and present its findings to the appropriate legislative committees”.

What recommendations do you think the task force should submit to the government of Florida?  Who do you think should be on the task force? Share your thoughts in the comments below.

Images via Pixabay

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