Sen. Frantz Leads Senate Passage of Connecticut Blockchain Working Group Legislation

May 2, 2018

HARTFORD, Conn. – Today State Senator and Co-Chairman of the Commerce Committee,  L. Scott Frantz (R-Greenwich), announced the passage of Senate Bill 443, An Act Establishing the Connecticut Blockchain Working Group – which will require the Department of Economic and Community Development to study how to make Connecticut the leading state in Blockchain technology.

“I am happy to report that tonight the Senate passed legislation that will help Connecticut be at the forefront of an emerging technology referred to as Blockchain,” said Sen. Frantz. “Connecticut has long been a trailblazer in the realm of aerospace, financial services, insurance, medicine and much more – we have an opportunity once again to make Connecticut a leader in a new 21st century application. At the end of the day, Blockchain technology is projected to revolutionize global industries – this bill will help us become a major competitor not only nationally, but internationally.”

Blockchain is now more embraced by major businesses internationally than ever before. This technology will help revolutionize industry by creating new revenue models, reducing infrastructure expenses for public and private sectors, automating internal and external processes via smart contracts, increasing traceability and visibility, and hardening cyber-security at a lower operational cost.

“Empowering entrepreneurs and companies to further explore and support Blockchain technologies will not only establish Connecticut as a hub for Blockchain companies, but will also create strong demand for a highly skilled workforce with high-paying jobs.

“This is cutting edge technology, and I look forward to the success of this working group as it explores ways to make Connecticut a Blockchain hub,” said Sen. Frantz.