Blockchain in California

The San Francisco region is still a paradise for technology start-ups; these high-tech SMEs are created by enterprising researchers. This is not only a success on the scale of a region or even of the state of California, today, but the United States as a whole is also recognized and benefits from this power and success that clears this area. The efficiency of this Californian model is so coveted that other American regions-like Seattle, for example-would now like to learn from it. One of the essential reasons that this movement has lasted for almost twenty years is the extremely close and solid link between three worlds: that of the scientific and technological community, that of capital resources, and that of business. Silicon Valley is nevertheless one of the main forces behind California's booming economy. California moves to embrace cryptocurrency and regulate it. We will then see how it could one day be used to modernize state government?

The Californian Governor, Mr. Gavin Newsom, signed an executive order at the beginning of May for state agencies to move in tandem with the federal government to craft regulations for digital currencies. On Wednesday, California, which has an economy larger than all but four countries and where much of the world’s technological innovation is born, became the first state to formally begin examining how to broadly adapt to cryptocurrency and related innovations. Following a path laid out by President Joe Biden in March, Gov. Gavin Newsom signed an executive order for state agencies to move in tandem with the federal government to craft regulations for digital currencies. It also calls for officials to explore incorporating broader blockchain computer coding into government operations. Evolving blockchain and cryptocurrency technology “is potentially an explosive creator of new companies and new jobs and new opportunities,” said Dee Dee Myers, a senior advisor to Newsom and director of the Governor’s Office of Business and Economic Development. “So there are a lot of opportunities,” she said. “There are also a lot of unknowns in the industry, and so that’s another reason we want to engage early.” Newsom’s order says the state — home to Silicon Valley and financial innovators like PayPal and Square — should be out front in figuring out how to adapt to new technologies. This decree is aimed at promoting the emerging blockchain technology.. California executives are cracking down on crypto, it's a Wild West tech that's been shown time and time again that often exceeds the law, now Governor Newsom is asking state agencies to come up with new plans to promote growth emerging technology. With this new arrival, Californians will have to learn to use it and adapt as they go. Today it can be used to purchase items and is even accepted as payment by major corporations. But in reality, it is the underlying technology known as blockchain that is primed for future growth.

How would blockchain modernize future transactions?

Indeed the blockchain is a decentralized entity on which you can notarize anything with insurance. It could be a money exchange, a title for a house, a DMV registration, register personal information. This technology will also help state agencies prevent fraud. However with any technology there are risks and heads of state are planning to add new regulations to protect the public, because indeed direct scams are present. So the governor's goal is to make sure California continues to be at the forefront of new crypto innovations. The blockchain economy is $3 billion today. After this executive order the state will begin asking for ideas from the public unit on ways to encourage cryptocurrency innovation and protect consumers. They are also considering several new blockchain technology bills and other exciting avenues for development.