Skip to main content

Connecticut Looks Into Blockchain Implementation for Industries Improvement

The field of blockchain is a vast universe which seems to have an endless range of offerings and potential possibilities for development within itself which could improve the status quo at any given location. This week brought the news that Connecticut is going to look into the options for development in the crypto list of records and how it could be utilized for the boosting of the area and its gambling industry.

Connecticut has dedicated the year 2018 for bringing innovation to the gambling field and providing it with the needed regulations which aim to ensure that all parties involved have their rights protected. The blockchain technology and cryptocurrency are widely applied in the gambling industry as well since it provides the security of payment needed by both the players and the gaming operators. Since the state of Connecticut is looking for ways in which it could diversify its gaming offerings, this could prove to be one of the winning approaches.

The Governor of Connecticut Dannel Malloy made his final decision regarding the proposed blockchain bill clear. Bill SB 443 is the one which is aiming to make official one working group operating within the borders of the state. It will have the special task to look into options for development in the crypto world and how the blockchain technology could be successfully implemented in a wide variety of sectors. The group will have to make sure it investigates in depth the ways in which the new technology could be utilized for the economic boost of the region.

Gaming Expected to Benefit from Blockchain Innovations

With this decision, the authorities are publicly expressing their positive attitude towards the crypto world and what it has on offer and the warm up to the idea of blockchain as a whole. The proposed bill managed to pass the two legislative houses of Connecticut back in May and there was a unanimous agreement that it should progress towards the Governor in order to bring a breath of fresh air to the state and all of its sectors of development.

The ultimate goal for the state would be becoming a pioneer in the crypto world providing the proper regulation of the field, similar to the move which online gambling hub Malta recently made with the help of three crypto bills. According to the wording of the approved bill which is now considered a law in the state, the working group will also aim to make it easier for all relevant industries, the gambling one included, to receive the appropriate expertise and knowledge regarding the digital currency world.

Connecticut is following its agenda of bringing online gaming offerings closer to the people and for quite some time now the authorities have been working towards establishing a well-rounded online gambling field. With the help of this new law which would aim to provide more clarity needed for the sector, Connecticut is striving to bring the security and relatively high speed of payments made with the help of blockchain technology.

The said team of experts in the field should collect information over the span of the following months and they should the introduce it to the General Assembly at the very beginning of January 2019. Along with the report, they should also present a set of recommendations for the future operation.

 Author: Hannah Wallace

Hannah Wallace has been part of our team since the website was launched. She has a master’s degree in IT.