COLUMBUS, Ohio–Ohio Gov. John Kasich signed legislation to make the state one of the first to recognize the use of blockchain technology to transmit and store electronic records in a broad range of industries, from financial services to supply chain management, real estate and healthcare.
Backers of the legislation say blockchain’s benefits include greater security of information, reduced costs and faster transactions. Cryptocurrencies such as bitcoin are just one way that blockchain technology can be used.
“In Ohio, blockchain innovators can thrive in their efforts to develop new products and applications for the financial industry and beyond,” said Valentina Isakina, financial services managing director for JobsOhio, the private economic development corporation for Ohio, which supported the bill. “Many companies looking to expand their blockchain and R&D operations are rapidly growing job creators, and Ohio is now even more attractive to these businesses.”
Numerous ventures in both the business community and government to use blockchain technology are active across the state, including in Columbus with its Smart City initiative; in Cleveland, where leaders are proposing the BlockLand initiative; and in Cincinnati, with the 10XTS venture.
Ohio’s financial services industry is the fifth-largest among all states and is the second-largest private sector within the state, with 270,000 employees. Ohio is second only to New York City as a location for top U.S. bank and insurance company headquarters.