Texas House bill to study blockchain technology

Posted: Apr 24, 2019 | Author:

HB 4517 by Rep. Tan Parker (R-Flower Mound) would establish a working group to explore uses of blockchain technology, described by Rep. Parker as having the potential to be “economically transformative for the state.”

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. Virtually anything of value can be tracked and traded on a blockchain. An asset can be tangible (a house, a car, cash, land) or intangible (intellectual property, patents, copyrights, branding). The blockchain architecture gives participants the ability to share a ledger that’s updated through peer-to-peer replication each time a transaction occurs.

The working group would study the ways blockchain technology can be used in business applications to create jobs and diversify the state’s economy.

The bill was heard in the House Pensions, Investments, and Financial Services Committee and was left pending.

Contact Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop for more information.