BILL NUMBER: S5157
SPONSOR: COMRIE
 
TITLE OF BILL:
An act in relation to establishing a task force to study and report on
the potential implementation of blockchain technology in state record
keeping, information storage, and service delivery; and providing for
the repeal of such provisions upon expiration thereof
 
PURPOSE OR GENERAL IDEA OF BILL:
Establishes a taskforce to study the implementation of Blockchain tech-
nology in New York State
 
SUMMARY OF PROVISIONS:
Section 1 authorizes the assembling of the taskforce and their set
responsibilities
Section 2 states who the task force shall be comprised of.
Section 3 lists how frequently they meet and the parameters of said
meetings.
Section 4 addresses when they shall provide their report and what it
shall include.
Section 5 says the act shall take effect immediately.
 
JUSTIFICATION:
We are in a dynamic transitional time for technology in the world and in
New York State, in particular. Of utmost importance is New York's trans-
mission of information over the Internet, the electronic storage of
data, electronic record-keeping and cyber security. The state should
explore viability of the use of new technologies. Blockchain technology
is a form of encryption. "A blockchain is a continuously growing list of
records called blocks, which are linked and secured using cryptography.
Each block typically contains a hash pointer as a link to a previous
block, a timestamp and transaction data. By design, blockchains are
inherently resistant to modification of the data." Other counties and
states around the United States have already developed initiatives to
try to integrate this technology into their economies. Situations such
as proving documentation, proof of purchase, and notarizing may become
more efficient if blockchain technology is integrated.
 
PRIOR LEGISLATIVE HISTORY:
2024: S5564 Comrie/ A2566 Vanel
2022: S4195
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
 
EFFECTIVE DATE:
Effective immediately.