Essay: Embracing Blockchain innovation

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  • Subject area(s): Finance essays
  • Reading time: 2 minutes
  • Price: Free download
  • Published on: November 15, 2017
  • File format: Text
  • Number of pages: 2
  • Embracing Blockchain innovation
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The state of Delaware expects to receive a vote on a bill that would recognize recorded stock on Blockchain.

As $51 million has been slashed from Delaware’s budget, there were important issues such as votes on legislative changes to the state’s death penalty and marijuana policies will likely be set aside until 2018.

Agreed to zero out spending next year for an annual package of grants by The Joint Finance Committee to non-profit groups, community agencies and volunteer fire companies, this is going to be a sure move that it will generate an opposition from that constituency during the final days of this year’s legislative session.

Advancing despite budget cuts

Voting for spending the cut of a budget, there are some proposals made by the committee members from Democratic Gov. John Carney for saving the money of the taxpayers.

As Carney indicated, there will be a benefit allowing spouses who are either active or retired state workers to pay a combined health insurance premium of $25 a month. A proposed saving $3.5 million by eliminating a state, these retirees can keep the current benefit while active working couples would be responsible for 50% of the premium share of employees. This way, taxpayers can save up to $1.6 million.

There was an agreement as well by the panel that they will set a goal of $2 million savings from unspecified changes to state employees’ health insurance which is less than a third of the $6.5 million in savings proposed by Carney forcing employees to pay on average of 10% of their health care premiums which is an additional 3% to them.

Budget negotiations between legislative leaders have been through different disagreements overs Democratic proposals to increase taxes on Delaware and Republic.

Embracing Blockchain innovation

Delaware is looking to use Blockchain technology in a bid to cut down the cost and paperwork burden of registering new companies in the state.

Before any companies starts registering via Blockchain, there will be deliberations with the state’s bar association and might be passed to state law.

The bill was introduced by introduced in May of this year and approved by Senate earlier this month.

Local lawyer Matthew O’Toole, Chair of the Corporate Law Section of the Delaware Bar Association believed long-planned Blockchain amendments won’t be overlooked.

Matthew O’Toole expressed:

“A couple of high-profile issues are basically going to be tabled until next year because they’ve got bigger fish to fry. But the corporate bills are important, everybody recognizes that, and I’m assured that they will be voted on and they will pass.”

The vote will be expected later today which will be the final step before the State of Governor, John Carney sign the bill into law. This will complete the process which started last year when it was pushed to embrace Blockchain innovation.

O’Toole said he is expecting that the Governor will sign the bill into law by the end of July with legislation going by August 1, 2017.

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