Ripple CEO Brad Garlinghouse says that Japan’s efforts on regulatory clarity have allowed “entrepreneurship and investment to really thrive.”
New York bill proposes blockchain study for election record security
Blockchain may soon earn itself a role in New York State’s voting processes and procedures.New York Assemblymember Clyde Vanel introduced Bill A07716 on April 8, directing the state Board of Elections to evaluate how blockchain could help protect voter records and election results. The legislation is currently under consideration by the Assembly Election Law Committee.According to the bill’s summary, the goal is to “study and evaluate the use of blockchain technology to protect voter records and election results.“The bill mandates that the Board of Elections produce a report within one year assessing the potential benefits of blockchain in securing election data. The study must include input from experts in blockchain, cybersecurity, voter fraud and election recordkeeping.Bill text. Source: New York State AssemblyRelated: Ripple announces money transmitter licenses in Texas and New YorkBlockchain applications in electionsThis is not the first initiative that attempts to bring the tamper-proof features of blockchain technology to the voting process. In early March, the Bitcoin network was used to secure and store the results of the Williamson County, Tennessee Republican Party Convention’s March 4 election to determine the leadership and board of the local party chapter.About a year ago, Brian Rose — an independent mayoral candidate in London — told Cointelegraph that blockchain-based voting systems could foster more transparency and public trust in the election process:“Wouldn’t we all sleep better at night if the voting system was on the blockchain and you could really prove that identity and you could actually prove that vote and there would be an immutable record? This is the future and I think it takes someone like me who comes from a business background who’s intimately involved in the blockchain.”Still, experts caution that blockchain systems are only as reliable as the data input into them — a concept often summarized as “garbage in, garbage out.” While blockchain offers tamper-resistant storage, it does not guarantee the integrity of the original data submission.Related: Election tally: Does blockchain beat the ballot box?A crypto-conscious assemblymemberVanel is no stranger to blockchain-related initiatives, having introduced a bill that would establish criminal penalties to prevent cryptocurrency fraud and protect investors from rug pulls in early March. In January, he also stated that New York became the first US state to create a cryptocurrency task force to study the regulation, use and definition of digital currency.He has also been a vocal commenter on the industry and its relationship with policymakers for years. In May 2019, Vanel said that the blockchain industry needs to be better at lobbying for itself and educating regulators.Magazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame