State of Wyoming Drafts Bill to Develop a Blockchain-Based Commercial Filing System
Wyoming’s blockchain-friendly state drafts a bill to launch a commercial filing system update built on blockchain technology. The bill aims to authorize the secretary of state to develop and implement a system for company filings on distributed ledgers.
According to the new bill, Wyoming’s state will implement blockchain as the base technological framework for filing systems by December 31, 2021. The system aims to enhance the transparency and security of filing systems across corporations, partnerships, and associations. Companies in Wyoming will now fill in data, file reports, and information on the blockchain-based system as required by law.
Additionally, the filing system will also include APIs, increased security measures, authenticated digital corporate identity, and other features targeting to enhance efficient administration of laws in the state, the bill further states.
A definite development procedure is yet to be set, but the system can either be built from scratch or use privately created blockchain or other DLTs.
Before being tabled in the house, the bill invites consultation from businesses, individuals, and other states before implementation.
Following the election of crypto-friendly Cynthia Lummis to the US Senate, the State of Wyoming looks like the likely destination for crypto companies to settle in, as rules and laws favor the growth of the industry.