New Jersey Corporations have been permitted to maintain records using blockchain technologies under a law that was passed in Sept, 2021. A digital ledger, which was also called an electronic network by some involved, is now allowed to store data by the new law. There are many different types of blockchain networks, not only bitcoin. The ecosystem of networks, solutions and ideas are still growing and enhancing.
A concern was raised about a company keeping its records safe and blockchain was the answer. Allowing a company to maintain its records on the blockchain enables security while at the same time allows for full transparency. You can think of the blockchain in this sense as just another database, a database that’s always up and data can be accessed anytime, anywhere by any client.
It was also pointed out in reference to the new law that Walmart and Microsoft use blockchain technology for record keeping and should not be inclusive to “big box stores”. Small businesses can also benefit from not only adding recordkeeping but many other types of services and products that can be implemented securely on a blockchain.
Blockchain technology can be used for more than just cryptocurrencies. New Jersey has recognized that more businesses should embrace recordkeeping and modernize their business practices. There are many solutions available on how secure, transparent and what blockchain platform that is available. A private network in-house may be one possible solution or a remote chain.
Press release: https://www.njassemblygop.com/n-j-corporations-permitted-to-maintain-records-using-blockchain-technology-under-new-law/
