Seoneedthisinfo
  • technology
  • SEO News
  • computer
  • business
  • internet
  • gadget
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Backlinks
  • Blog
Select Page

Kentucky Continues Progress in Blockchain Technology and Smart Contracts

by SEO Need This Info | Mar 7, 2020 | SEO News

Successful July 15, 2020, Kentucky statutorily empowered its 1st “Blockchain Technological innovation Working Team.” Beneath KRS § 42.747(3), this operating group is billed with analyzing “the feasibility and efficacy of utilizing blockchain technological innovation to enhance the security of and improve defense for the state’s vital infrastructure, like but not minimal to the electric powered utility grid, pure gasoline pipelines, drinking h2o provide and shipping, wastewater, telecommunications, and crisis providers.” The doing work group then is charged with recommending which of the Commonwealth’s significant infrastructure can reward from the integration of blockchain technological know-how. Although the legislative definition of significant infrastructure appears broadly drawn, it is noteworthy that the state’s economic units or payments infrastructure is not bundled.

In conducting its get the job done, the working group plans to concentration on blockchain technology’s suit for the infrastructure, the stakeholders’ willingness to employ blockchain alternatives, as nicely as the predicted cost-reward returns. The doing the job group is billed with reporting to the governor and the Legislative Investigate Commission its results and tips on December 1 of every single yr.

The composition of the 9-member group will be: (1) Main Details Officer (CIO) for the Commonwealth Business of Technologies (who will serve as chairperson) (2) Secretary for the Vitality and Atmosphere Cupboard (3) CIO for the Finance and Administration Cabinet (4) a consultant selected by the Government Director of the Kentucky General public Service Commission (5) Executive Director of Kentucky Section of Homeland Stability (6) a member in academia, selected by the CIO of the Commonwealth Place of work of Technological know-how, who has abilities in blockchain technological innovation and its applicability to distinct industry sectors (7) an ex officio member symbolizing the Kentucky Municipal Utilities Association, to be selected by its Executive Director (8) an ex officio member representing the trader-owned electrical utilities as designated by the Kentucky Public Company Fee and (9) an ex officio symbolizing Kentucky’s electric cooperatives. Specified of the officers mentioned higher than are licensed to nominate a delegate in their stead.

This new legislation is critical in that it also includes Kentucky’s very first legislative adoption of definitions central to blockchain’s performance, which includes “blockchain know-how,” “peer-to-peer networks” and “smart contracts”. “Blockchain technology” is outlined as “shared or distributed information buildings or digital ledgers applied in peer-to-peer networks that keep electronic transactions, confirm and secure transactions cryptographically, and make it possible for automated self-execution of sensible contracts.” A “smart contract” is “a computerized transaction protocol that self-executes the conditions of a contract and that is built-in into the blockchain software architecture.”

Frost Brown Todd normally takes a measure of pleasure in Kentucky’s continued development in this crucial discipline. In live testimony to the Standard Assembly in late Drop of 2019, our attorneys urged the legislators to “assist in economic growth and expansion in the area by consideration of a process power and prospective legislation to offer lawful recognition” of critical blockchain concepts, as was recorded in a press launch at the time.

In 2019 Kentucky adopted a resolution to “[u]rge the Kentucky Cupboard for Economic Growth to perform with point out and federal officials and analyze the difficulty of blockchain technological know-how.” Also in 2019, the point out amended its guidelines to seize extra condition tax revenue from persons who “provides a digital forex that purchasers are authorized or essential to use to order tangible private home, electronic house, or products and services,” as a ““marketplace facilitator.”

Kentucky was one particular of the initial states in the nation to undertake the product Uniform Abandoned Residence Act. See KRS § 393A.010 – .860. Within just the model statute’s text, as adopted by Kentucky, “virtual currency” indicates ““a electronic illustration of benefit utilised as a medium of trade, device of account or shop of value that does not have authorized tender standing identified by the United States.” Regarding statutorily deserted assets current in the form of virtual currency, Kentucky now demands a “holder” to report these types of belongings to the Point out Treasurer’s office environment, to convert the cryptocurrency to a U.S. dollar worth in 90 times of reporting the very same (as needed below KRS § 393A.220), to transfer that converted dollar-amount worth to the Point out Treasurer, and upon so undertaking, the virtual currency’s actual owner “shall have no recourse against the holder” to get better any gains or losses. KRS § 393A.330(9). No dialogue is made available within just the Uniform Deserted Property Act about expected protocol for liquidation of cryptocurrency or what dormancy charges may perhaps be charged by a holder, save that all those dormancy expenses will have to not be “unconscionable.” KRS § 393A.220.

In spite of the adjustments pointed out over, Kentucky has not still taken a position on digital forex revenue transmission in link with the Kentucky Income Transmitter Act. KRS § 286.11-001 et seq.

June 2023
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« May    

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019

BL

Recent Posts

  • The best Google Home and Nest deals of the holiday sales
  • Can technology advances bring manufacturing jobs back to North America? Hashtag Trending Weekend Edition. An interview with Eric Whitley, L2L
  • Xiaomi 13 series is official: Finally, a full-blown Galaxy S23 rival?
  • Monitoring Your Microservices on AWS with Terraform and Grafana – Security – Grape Up
  • Amazon wants to give you $2 a month to spy on your phone usage

Tags

2021 Acura Rdx Technology Package 2021 Acura Tlx Technology Package 2022 Acura Mdx Technology Package Align Technology Stock Applied Racing Technology Artificial Intelligence Technology Solutions Inc Assisted Reproductive Technology Battery Technology Stocks Benjamin Franklin Institute Of Technology Chief Technology Officer Color Star Technology Craft Design Technology Definition Of Technology Definitive Technology Speakers Element Materials Technology Health Information Technology Salary Ice Mortgage Technology Information Technology Definition Information Technology Degree Information Technology Salary Interactive Response Technology International Game Technology Lacrosse Technology Atomic Clock La Crosse Technology Weather Station Luokung Technology Stock Marvell Technology Stock Price Maytag Commercial Technology Washer Microchip Technology Stock Micron Technology Stock Price Mrna Technology History Mrna Vaccine Technology Nyc College Of Technology Penn College Of Technology Recombinant Dna Technology Rlx Technology Stock Robert Half Technology Science And Technology Sharif University Of Technology Smart Home Technology Stevens Institute Of Technology Ranking Symphony Technology Group Technology In The Classroom Technology Readiness Level Technology Stores Near Me Thaddeus Stevens College Of Technology

WhatsApp us