The cost of using an implementation of the blockchain for a public records management system would outweigh any potential benefits, a report prepared for Vermont’s state legislature concludes.

Summary

- A valid blockchain is a reliable way of confirming the party submitting a record to the blockchain, the time and date of its submission, and the contents of the record at the time of submission.

- A blockchain is an electronic ledger (register) of digital records, events, or transactions that are represented in condensed form known as a hash (digital security feature), authenticated, and maintained through a “distributed” or “shared” network of participants using a group consensus protocol (multiple users).

- Blockchain technology is already in use in the private sector, though clearly in the early stages of adoption, the most prevalent example being virtual currency known as Bitcoin.

- At present, the costs and challenges associated with the use of blockchain technology for Vermont’s public recordkeeping outweigh the identifiable benefits.

- Providing legal recognition of blockchain technology may create a “first mover” advantage with the potential to bring economic activity surrounding the development of blockchain technology to Vermont, but this potential is difficult to quantify and challenging to capture due to the nature of the technology.

Download the report below (PDF 35 pages)

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