The bill mandates the University of Wyoming's Center for Blockchain and Digital Innovation, in collaboration with the Secretary of State, to develop a blockchain or other distributed ledger filing system for required filings. This system is intended to enhance the efficiency of filing processes and may include features such as an application programming interface, security measures, and authenticated digital corporate identities. The bill allows for consultation with various stakeholders and the potential partnership with technology innovators and private companies to ensure the system's effectiveness. The Secretary of State retains discretion over the testing and implementation of the system.
Additionally, the bill establishes a digital ledger filing system account, funded by the first $2 million collected under a specified statute, with an appropriation of the same amount allocated to the University of Wyoming for the development of the filing system. This funding is designated for use until June 30, 2027, and any unspent funds will revert to the general fund. The act is set to take effect immediately upon the completion of necessary legislative processes.