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While the investment potential of cryptocurrencies, including BitCoin, has been all over the news in recent weeks, state governments have begun to explore the practical applications of blockchain – the technology underlying BitCoin.  In New York, Assemblyman Clyde Vanel introduced four bills in late November related to blockchain technology. The first, Assembly Bill 8780, would amend the state technology law to allow signatures, records and contracts secured through blockchain technology to be considered valid electronic records and signatures and further to recognize the legal validity of the use of smart contracts in commerce. This proposed legislation, recognizing legal effect to blockchain transactions and smart contracts, is similar to laws recently passed in other states, including Arizona, Nevada and Vermont.
Continue Reading Proposed Legislation in New York Would Recognize Enforceability of BlockChain Transactions and Explore Applications of Technology

Top mutual fund firm The Vanguard Group, Inc. unveiled a plan last week to incorporate blockchain smart contract technology into some of its indexing operations beginning early next year. Vanguard’s initiative will be carried out through a partnership with the Center for Research in Security Prices (CRSP) and technology provider Symbiont and is intended to simplify Vanguard’s index data sharing process. By utilizing a dedicated blockchain network created by Symbiont, Vanguard hopes to make CRSP data available to investment managers on a nearly instantaneous basis.
Continue Reading Early Adopter—Vanguard Announces Plan to Utilize Blockchain Technology

It’s that time of the year again, budget season. A time when organizations set priorities on how to strategically spend their money in 2018. In the information technology (IT) world this can be a daunting task for any CIO.

According to Gartner, artificial intelligence (AI), machine learning, and tools such as conversational platforms, digital twins and blockchain should be at the top of the list.
Continue Reading A CIO Budget Playbook for 2018

Considering the recent Equifax data breach which put an estimated 145.5 million American’s identity at risk, main stream media outlets are starting to ask an important question; if we can’t stop data breaches, how do we project our identity? According to data from the Identity Theft Resource Center, U.S. companies and government agencies have disclosed 1,022 breaches in 2017 so far. The idea that the social security number is the foundation of our identity is under more scrutiny than ever. Bloomberg reported recently that the Trump administration is considering ways in which it can replace the social security number as a means of federal identification. So, can blockchain technology solve our identity management (IDM) problem?
Continue Reading Is Blockchain the Answer to Identity Management?

In its first lawsuit targeting Initial Coin Offerings (ICOs), the Securities and Exchange Commission (SEC) has filed fraud charges against the creator of the ICOs marketed as “REcoin” and “DRC.” The action, filed in the United States District Court for the Eastern District of New York on September 29, 2017, alleges that Maksim Zaslavskiy, operating through two wholly owned companies, raised over $300,000 from investors based on false claims the digital “tokens” or “coins” being marketed were backed by investments in either real estate or diamonds. According to the SEC’s Complaint, not only were funds raised by the ICO not invested in any assets, the digital tokens did not actually exist. Despite representations by Zaslavskiy, no digital tokens and actually been developed or issued on a blockchain, leaving investors with no value in exchange for their payments.
Continue Reading SEC Brings Fraud Action Against ICO Creator

In the latest example of security risks attendant to initial coin offerings (ICOs), on August 21st the blockchain startup Enigma reported that online scammers used fake solicitations for an ICO presale to steal approximately $500,000 in ether (a virtual currency) from investors.

Enigma is a blockchain startup incubated at MIT Media Lab that is in the process of rolling out its first product, known as Catalyst. Catalyst is described as a platform providing data sets and developmental tools specifically geared for hedge funds focused on cryptocurrency markets. Enigma’s funding was to be derived, in part, from a planned a token sale on September 11, 2017, with a goal of raising $20 million worth of ether.  
Continue Reading Scammers Strike Enigma Initial Coin Offering

The Uniform Law Commission is set to vote on a draft Uniform Regulation of Virtual Currency Businesses Act at its upcoming annual meeting in San Diego beginning on July 14th. As numerous states and federal regulators have already begun the process of regulating virtual currencies through “money transmitter” statutes or related legislation, the uniform act attempts to establish model standards for the regulation of business activities tailored to virtual currencies.

Specifically, the uniform act would regulate businesses whose products and services include: (1) the exchange of virtual currencies for cash, bank deposits, or other virtual currencies; (2) the transfer from one customer to another of virtual currencies; or (3) certain custodial or fiduciary services in which the property or assets being controlled or managed include virtual currency. The act includes several exemptions from regulation for banks, securities brokers, personal or household purchases, blockchain data miners and others.
Continue Reading Primer on the Draft Uniform Regulation of Virtual Currency Businesses Act

Senate Bill 398, unanimously passed by the Nevada legislature and signed into law by the Governor on June 5th, represents the most far-reaching state legislation to date concerning the use of blockchain technology. Blockchain is a decentralized database system that can be used to track and manage a broad range of digital transactions.…

Blockchain technology, introduced as the magic behind Bitcoin, is being touted by many as the next major disruptive innovation – in global trade and way beyond.

At its core, Blockchain shifts the accounting function from third-party financial institutions and intermediaries to thousands of nodes (computers) on the Blockchain network that collectively maintain a public ledger…