Hertzberg Bill on Blockchain Technology Passes California Senate Floor
SB 838 would create more secure method for corporations to issue and transfer share certificates
SACRAMENTO – Senator Bob Hertzberg, D-Van Nuys, today announced that his bill that would enable the use of blockchain technology for some business practices in California passed the Senate Floor.
Blockchain is an emerging technology that allows records to be stored and updated on multiple computers using a distributed ledger technology. There has been no shortage of coverage about the volatile and headline-grabbing cryptocurrency market, and while blockchain is seen as the “wallet” for cryptocurrencies, it has a multitude of other practical applications across many industries. Blockchain is commonly considered one of the most secure technologies available, and is being considered by governments for everything from the sale of bonds in Berkeley, California to secure voting systems for service members in Denver, Colorado.
Blockchain represents what the future of the financial industry, government contracts, stock certificates and more could look like. SB 838 would establish a secure method for California corporations to issue and transfer corporate share certificates.
“It’s a big step to bring new technology to government,” said Sen. Hertzberg. “But it’s important we start employing secure blockchain technologies, even in a limited capacity, because that will allow us to find other creative ways that government can use this technology.”
The bill, which has garnered acclaim from the blockchain industry across the country, next heads to the Assembly.
Media Contact: Katie Hanzlik
Senator Robert M. Hertzberg
Capitol Building, Room 4038