MONTGOMERY, Ala. — Members of the Alabama Blockchain Study Commission agreed recently the state of Alabama should work toward “getting on the front end” of emerging blockchain technology in becoming among the most cryptocurrency and blockchain-friendly states in the nation.
“There are very few states right now that can put themselves out there as really crypto-business friendly, or at least open to working with crypto businesses and wanting to interact with them,” said Wade Preston, a member of the commission and leader at the Alabama Blockchain Alliance. “Crypto entrepreneurs have been seen as kind of pariahs for so long that getting on the front end of that would be a good leg up for the state, in my opinion.”
Blockchain technology refers to a type of digital database that can act as a secure public ledger that records and verifies all transactions, and is the foundation of which cryptocurrencies such as Bitcoin are built. While its roots can be traced back to the early 1980s, more advanced and decentralized forms of blockchain technology have only emerged within the past decade or so.
The study commission was established last year by Sen. Greg Albritton, R-Range, as a tool to research ways the state could potentially utilize blockchain technology to improve government efficiency, as well as how it should be regulated. Some states have already implemented blockchain technology for government operations, with California digitizing its 42 million car titles last year, though states have generally been slow to adopt regulation around the industry…