US State of Illinois May Transition to Blockchain-based System

Setting a precedent for all levels of American government, the Illinois state legislature recently advanced a bill to create a task force to study the benefits of transitioning to a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based platform for record keeping and service delivery.

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The bill explains: "Blockchain technology is a promising way to facilitate a transition to more efficient government service delivery models and economies of scale, including facilitating safe, paperless transactions, and permanent recordkeeping immune to cyber-attacks, and data destruction."

It adds: "Nations and municipalities across the world are studying and implementing government reforms that bolster trust and reduce bureaucracy through verifiable open source."

Robert Viglione, co-founder of ZenCash, the privacy coin for borderless, decentralized communications and transactions, commented:

“The news that Illinois has created a Legislative Blockchain and Distributed Ledger Task Force presents a great example of governments both being responsive to making use of new technology, as well as staying competitive in offering attractive regulatory environments.

Blockchain has a number of low-hanging fruit use cases governments should exploit, like streamlining records management and providing regulatory clarity to ensure that this wave of innovation does not occur elsewhere.

The classic downside is that technology is often extrapolated outside its useful scope relative to substitutes (in this case, traditional databases), but that’s all part of the learning process that ultimately benefits society.”

Viglione recently talked with Finance Magnates about the state of cryptocurrency adoption in different regions around the world such as Venezuela and Africa:

Viglione is a PhD candidate in finance at the University of South Carolina, doing research on crypto-finance, asset pricing, and innovation. He teaches “Intro to Investments” and “Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term & Blockchain Applications in Finance” and runs the university crypto-club.

His other crypto industry experience includes being part of the core team for ZClassic, Head of U.S. & Canada Ambassadors for BlockPay, and consultant to BitGate, a Norwegian exchange.