The Washington Legislature this week took a step closer to establishing a blockchain working group. Blockchain is an emerging database technology primarily used in cryptocurrency.
Senate Bill 5544, sponsored by Senator Sharon Brown, R-Kennewick, and co-sponsored by Senator Lynda Wilson, R-Vancouver, was passed Tuesday by the Senate Environment, Energy and Technology Committee. The bill now goes to the Senate Rules Committee before going to the Senate for a vote.
The bill would set up the Washington Blockchain Work Group with the goal of exploring potential applications for the technology, such as B. Utilities, banks, real estate transactions, healthcare, supply chain management, higher education and public records.
Under the bill, the working group would be composed of lawmakers, representatives from departments of commerce and financial institutions and the state’s Consolidated Technology Services Agency, as well as private sector experts and stakeholders.
Brown has said she wants to create the working group to position Washington as a technology leader.
“This is such a dynamic economy for Washington State. There are so many wonderful blockchain developers here doing really great work, and to be clear, it’s not just about cryptocurrency,” Brown said during a Jan. 12 hearing before the same committee.
Brown said the working group will examine other industries where blockchain technology can be developed in order to move the industry forward.
Blockchains are a type of database shared by computer networks. What differs between a typical database and a blockchain is the structure of the data.
A blockchain collects information in groups, or blocks, where a typical database usually structures its data in tables. The blocks have a set limit on storage capacity, so a filled block is closed and linked to the previously filled block. This forms a chain of data known as a blockchain. Any new information following the last block is compiled into a new block that is eventually added to the chain once it is filled.
The decentralized and fixed structure of blockchains has played a key role in the development of cryptocurrencies like bitcoin and decentralized finance applications.
Molly Jones, vice president of public policy at the nonprofit Washington Technology Industries Association, was one of several people who testified in support of the bill.
“This is a fundamental and important step in the growth of the blockchain sector in our state,” Jones said.
A similar bill by Brown, introduced during the 2020 session, passed both the House and Senate but was ultimately defeated by Gov. Jay Inslee early in the COVID-19 pandemic.
One area identified by the committee was the energy consumption that blockchain technology requires. For example, in 2019, the process of creating Bitcoin consumed 91 terawatt hours of electricity annually. That’s almost the same amount of electricity used by the Philippines of 108 million that year.
“We use as much energy on a Google search as we do on an egg. We’ve increased our energy use dramatically,” said Senator Lisa Wellman of D-Mercer Island. “I think this is the first time I’ve seen energy associated with a specific activity. Maybe we should consider it more with every digital activity we do there.”
source https://www.bisayanews.com/2022/02/02/sen-wilson-co-sponsors-measure-to-boost-cryptocurrency-technology/
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