Recently, California State Senator, Bob Hertzberg has presented a Blockchain bill in the Senate Banking and Financial Institution Committee of California. The blockchain bill is set to create a secure method to issue and transfer certificates for corporations.
The Senate Bill [SB] 838 will authorize social corporations to embrace the blockchain technology or one or more distributed electronic networks to record issuances. Also, SB 838 deals with transfers of the corporations stock and the names of all the stockholders along with the number and address of shares registered by each stockholder.
The bill has come in place as all the countries around the globe and serval top companies have embraced the Blockchain Technology as it provides a secure way of doing business. The California Senate office believes that Blockchain Technology is the future for all the industries including the financial industry, stock certificates, government contracts and more.
Senator Hertzberg says:
“The world around us is changing, and government must adapt with these rapidly evolving times. California needs to continue our legacy of taking on new and developing technologies, especially ones like blockchain, which is being embraced worldwide and presents a strong level of security that is resistant to hacking.”
A Pompliano, a crypto-capitalist says:
“California’s Senate has put forth a recommendation to pass a bill that would legally recognize a company’s ownership if its managed by the blockchain. WE’RE GOING TO TOKENIZE THE WORLD AND NO ONE CAN STOP US”
Vardhaman Sakhlecha, a Blockchain enthusiast, and a Fintech Entrepreneur says:
“This is a great first move. But unless all the major countries adopt such progressive regulations uniformly, scamsters will always be around.”
Miffers, a Redditor says:
“This is big, this is what I was waiting for!!! Smart contracts would be legally enforceable in the near future.”
ThrowawayLouisa, another Reddit user says:
“Oh great. Blockchains are not immutable. So now if someone successfully pulls off a 51% attack, they’ll not only steal my coins, but tell me they’re legally entitled to them too. Fantastic.”
Liam Edward, a cryptocurrency trader and investor says:
“This is a brilliant news. All the countries are already looking into how blockchain can be used. Now Cali is in the game as well. Looking forward to the bill to be passed. It will benefit so many companies and individuals.”
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