Vermont to release blockchain technology use report next week

    A report on the use of blockchain technology for storing data will be sent to the Vermont Legislature on January 15.

    According to the bill’s summary, the study is intended to explore the “opportunities and risks” of using blockchain technology to store e-commerce. The final version of the bill will also focus on reporting how to address “unresolved regulatory issues.”

     The study is part of an economic development bill passed by Gov. Peter Shumlin last summer.

     The law requires reporting by state attorneys general, secretaries of state and financial regulators, and draws on insights from the Center for Legal Innovation at Vermont Law School and the Uniform Law Commission.

     Carl Lisman, the prosecutor who drafted the report, said it was "almost, but not yet complete." He declined to provide details about the report's contents and conclusions.

     While Vermont may be embracing blockchain technology for record-keeping purposes, the state has already taken steps to regulate its local digital currency system.

     Susan Donegan, commissioner of the Interstate Financial Services Division, told CoinDesk last year her agency has applied existing regulations to regulate companies using blockchain technology.

Representatives for the judiciary, the secretary of state , financial regulators and the Center for Legal Innovation at Vermont Law School did not immediately respond to requests for comment.